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Bank expansion decisions and CRA performance

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In early 2004, JP Morgan Chase and Bank One announced plans to create the second largest banking organization in the country. Before the deal was completed, the primary regulator for the acquiring bank, in this case the Federal Reserve, along with state banking agencies and the Department of Justice, had to evaluate the effect of the proposed merger on competition, the financial condition of the new entity and the competence of the managerial resources of the applicant. In addition, bank regulators had to consider each bank?s record in providing credit to lowand moderate-income neighborhoods and individuals, according to provisions of the 1977 Community Reinvestment Act (CRA). Community groups also weighed in with their assessment of the consolidation based on CRA considerations. The merger could have been delayed substantially if community groups had identified sufficient grounds for objection.

Suggested Citation

  • Robin G. Newberger & Anna L. Paulson, 2004. "Bank expansion decisions and CRA performance," Profitwise, Federal Reserve Bank of Chicago, issue Jun, pages 13-16.
    • Handle: RePEc:fip:fedhpw:y:2004:i:jun:p:13-16
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