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Neighborhoods and banking

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Author Info
Jeffrey M. Lacker

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Abstract

Federal banking agencies recently revised the regulation implementing the Community Reinvestment Act, which encourages banks to lend in low- and moderate-income neighborhoods. Since there is little conclusive empirical evidence that banks fail to meet the credit needs of such neighborhoods, however, the CRA regulations should instead be viewed as a tax on banking. Direct public subsidies for community development would be a more efficient means of improving the condition of low-income neighborhoods.

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File URL: http://www.richmondfed.org/publications/economic_research/economic_quarterly/pdfs/spring1995/lacker.pdf
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Article provided by Federal Reserve Bank of Richmond in its journal Economic Quarterly.

Volume (Year): (1995)
Issue (Month): Spr ()
Pages: 13-38
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Handle: RePEc:fip:fedreq:y:1995:i:spr:p:13-38

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Related research
Keywords: Community Reinvestment Act of 1977 Mortgages

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Robert M. Townsend, 1994. "Community development banking and Financial Institutions Act: a critique with recommendations," Proceedings, Federal Reserve Bank of Chicago, issue May, pages 538-546.
  2. Schill, Michael H & Wachter, Susan M, 1994. "Borrower and Neighborhood Racial and Income Characteristics and Financial Institution Mortgage Application Screening," The Journal of Real Estate Finance and Economics, Springer, vol. 9(3), pages 223-39, November.
  3. Berkovec, James A, et al, 1994. "Race, Redlining, and Residential Mortgage Loan Performance," The Journal of Real Estate Finance and Economics, Springer, vol. 9(3), pages 263-94, November.
  4. Griffith L. Garwood & Dolores S. Smith, 1993. "The Community Reinvestment Act: evolution and current issues," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Apr, pages 251-267.
  5. Lang William W. & Nakamura Leonard I., 1993. "A Model of Redlining," Journal of Urban Economics, Elsevier, vol. 33(2), pages 223-234, March. [Downloadable!] (restricted)
  6. Michael H. Schill & Susan M. Wachter, 1994. "Borrower and neighborhood racial and income characteristics and financial institution mortgage application screening," Proceedings, Federal Reserve Bank of Philadelphia, pages 223-243.
  7. Glenn B. Canner, 1982. "Redlining : research and federal legislative response," Staff Studies 121, Board of Governors of the Federal Reserve System (U.S.).
  8. Robert B. Avery & Patricia E. Beeson & Mark S. Sniderman, 1993. "Accounting for racial differences in housing credit markets," Working Paper 9310, Federal Reserve Bank of Cleveland. [Downloadable!]
  9. Duca John V. & Rosenthal Stuart S., 1993. "Borrowing Constraints, Household Debt, and Racial Discrimination in Loan Markets," Journal of Financial Intermediation, Elsevier, vol. 3(1), pages 77-103, October. [Downloadable!] (restricted)
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  10. Alicia H. Munnell, 1992. "Mortgage lending in Boston: interpreting HMDA data," Working Papers 92-7, Federal Reserve Bank of Boston. [Downloadable!]
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  11. Blau, Francine D & Kahn, Lawrence M, 1981. "Causes and Consequences of Layoffs," Economic Inquiry, Oxford University Press, vol. 19(2), pages 270-96, April.
  12. Calomiris, Charles W & Kahn, Charles M & Longhofer, Stanley D, 1994. "Housing-Finance Intervention and Private Incentives: Helping Minorities and the Poor," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 26(3), pages 634-74, August. [Downloadable!] (restricted)
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  13. Holmes, Andrew & Horvitz, Paul, 1994. " Mortgage Redlining: Race, Risk, and Demand," Journal of Finance, American Finance Association, vol. 49(1), pages 81-99, March. [Downloadable!] (restricted)
  14. Cochrane, John H, 1991. "A Simple Test of Consumption Insurance," Journal of Political Economy, University of Chicago Press, vol. 99(5), pages 957-76, October. [Downloadable!] (restricted)
  15. James A. Berkovec & Glenn B. Canner & Stuart A. Gabriel & Timothy H. Hannan, 1994. "Race, redlining, and residential mortgage loan performance," Proceedings, Federal Reserve Bank of Philadelphia, pages 263-298.
  16. Clifford B. Hawley & Edwin T. Fujii, 1991. "Discrimination in Consumer Credit Markets," Eastern Economic Journal, Palgrave Macmillan Journals, vol. 17(1), pages 21-30, Jan-Mar. [Downloadable!] (restricted)
  17. Clifford B. Hawley & Edwin T. Fujii, 1991. "Discrimination in Consumer Credit Markets," Eastern Economic Journal, Eastern Economic Association, vol. 17(1), pages 21-30, Jan-Mar. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Robert L. Lacy & John R. Walter, 2002. "What can price theory say about the Community Reinvestment Act?," Economic Quarterly, Federal Reserve Bank of Richmond, issue Spr, pages 1-27. [Downloadable!]
  2. Jeffery W. Gunther, 1999. "Between a rock and a hard place: the CRA-safety and soundness pinch," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q II, pages 32-41. [Downloadable!]
  3. Ross N. Dickens & Roger M. Shelor & Marc C. Chopin, 1996. "Mortgage Lenders' Market Response to a Landmark Regulatory Decision Based on Fair Lending Compliance," Journal of Real Estate Research, American Real Estate Society, vol. 11(1), pages 57-70. [Downloadable!]
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