"Focus on Banking and Finance" piece on the Community Reinvestment Act (CRA), a

Jess Kilby

Source

Mainebiz

Date

3-29-2004

Pages

20-22

Abstract

"Focus on Banking and Finance" piece on the Community Reinvestment Act (CRA), a little-known federal law that calls for financial institutions to "help meet the credit needs of their communities." Banks are expected to voluntarily direct an unspecified amount of resources toward loans and investments, including grants, and financial services that benefit low-income populations. While there is no hard data on compliance in Maine over the years, the CRA has funneled millions of dollars to affordable-housing projects, social service organizations and financial education programs. Maine's 78 credit unions are exempt from the CRA requirements. With comments by Kevin Savage, president of Saco & Biddeford Savings Institution; and David Norburg, chief marketing officer for Androgscoggin Bank.

Subjects

Banks and banking, Community Reinvestment Act

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