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Community Reinvestment
The Community Reinvestment Act (CRA, P.L. 95-128, 91 Stat. 1147, title VIII of the Housing and Community Development Act of 1977, ''et seq.'') is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods.Text of Housing and Community Development Act of 1977 — Title VIII (Community Reinvestment) Congress passed the Act in 1977 to reduce discriminatory credit practices against low-income neighborhoods, a practice known as |
Redevelopment Agency
A redevelopment agency is a government body dedicated to urban renewal. Typically it is a municipal level city department focused on a particular district or corridor that has become neglected or blighted (a community redevelopment agency or CRA). In many cases this is the city's original downtown that has been supplanted in importance by a regional shopping center. Redevelopment efforts often focus on reducing crime, destroying unsuitable buildings and dwellings, restoring historic features and structures, and creating new landscaping, housing and business opportunities mixed with expanded government services and transportation infrastructure. Examples *The Las Vegas Redevelopment Agency has created many project that have led to jobs growth and city beautification. *The city of Richmond, California used its agency to refurbish Macdonald Avenue, Macdonald 80 Shopping Center the city's downtown and a transit village at the Richmond BART/Amtrak station and the creating of the Ri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Reserve System
The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises. Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System. U.S. Congress, Congress established three key objectives for monetary policy in the Federal Reserve Act: maximizing employment, stabilizing prices, and moderating long-term interest rates. The first two objectives are sometimes referred to as the Federal Reserve's dual mandate. Its duties have expanded over the years, and currently also include supervising and bank regulation, regulating ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Downpayment
Down payment (also called a deposit in British English), is an initial up-front partial payment for the purchase of expensive items/services such as a car or a house. It is usually paid in cash or equivalent at the time of finalizing the transaction. A loan of some sort is then required to finance the remainder of the payment. The main purposes of a down payment is to ensure that the lending institution has enough capital to create money for a loan in fractional reserve banking systems and to recover some of the balance due on the loan in the event that the borrower defaults. In real estate, the asset is used as collateral in order to secure the loan against default. If the borrower fails to repay the loan, the lender is legally entitled to sell the asset and retain enough of the proceeds to repay the remaining balance on the loan, including fees and interest added. A down payment, in this case, reduces the lender's risk to less than the value of the collateral, making it more like ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Equal Credit Opportunity Act
The Equal Credit Opportunity Act (ECOA) is a United States law (codified at et seq.), enacted 28 October 1974, that makes it unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction, on the basis of race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to contract); the applicant's use of a public assistance program to receive all or part of their income; or the applicant's previous good-faith exercise of any right under the Consumer Credit Protection Act. The law applies to any person who, in the ordinary course of business, regularly participates in a credit decision, including banks, retailers, bankcard companies, finance companies, and credit unions. The part of the law that defines its authority and scope is known as Regulation B, from the (b) that appears in Title 12 part 1002's official identifier: 12 C.F.R. § 1002.1(b) (2017). Failure to comply with Regulati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fair Housing Act
The Civil Rights Act of 1968 () is a landmark law in the United States signed into law by United States President Lyndon B. Johnson during the King assassination riots. Titles II through VII comprise the Indian Civil Rights Act, which applies to the Native American tribes of the United States and makes many but not all of the guarantees of the U.S. Bill of Rights applicable within the tribes. (that Act appears today in Title 25, sections 1301 to 1303 of the United States Code). Titles VIII and IX are commonly known as the Fair Housing Act, which was meant as a follow-up to the Civil Rights Act of 1964 (this is different legislation than the Housing and Urban Development Act of 1968, which expanded housing funding programs). While the Civil Rights Act of 1866 prohibited discrimination in housing, there were no federal enforcement provisions. The 1968 act expanded on previous acts and prohibited discrimination concerning the sale, rental, and financing of housing based on rac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National People's Action
People's Action is a national progressive advocacy and political organization in the United States made up of 40 organizations in 30 states. The group's stated goal is to "build the power of poor and working people, in rural, suburban, and urban areas to win change through issue campaigns and elections." People's Action and the associated tax-exempt 501(c)(3) organization, People's Action Institute, were established in 2016 through a merger of three national networks of community organizing groups, National People's Action, the Alliance for a Just Society and USAction, as well as of organizations like the Campaign for America's Future and the Center for Health, Environment and Justice. National People's Action National People's Action was a federation of 29 grassroots organizations in 18 states working together for racial and economic justice. Headquartered in Chicago, the organization was founded in 1972 by Austin neighborhood activist Gale Cincotta and professional organizer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gale Cincotta
Gale Cincotta (December 28, 1929 – August 15, 2001), a community activist from the Austin neighborhood of Chicago, led the national fight for the US federal Home Mortgage Disclosure Act (HMDA) of 1975 and the Community Reinvestment Act (CRA) of 1977. The CRA requires banks and savings and loans to offer credit throughout their entire market areas and prohibits them from targeting only wealthier neighborhoods with their lending and services, a practice known as redlining. She was a co-founder with Shel Trapp of the National People's Action in Chicago, a coalition of some 300 community organizations throughout the United States, and served as its executive director and chairperson from 1973 until her death in 2001. Background Cincotta was born Aglaia Angelos on December 28, 1929 in Chicago, Illinois, an only child. Her father was Greek and her mother was Latvian, and they ran Greek restaurants.Westgate, p. 5. Her parents were Socialists, and Cincotta grew up around political t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Library Of Congress
The Library of Congress (LOC) is the research library that officially serves the United States Congress and is the ''de facto'' national library of the United States. It is the oldest federal cultural institution in the country. The library is housed in three buildings on Capitol Hill in Washington, D.C.; it also maintains a conservation center in Culpeper, Virginia. The library's functions are overseen by the Librarian of Congress, and its buildings are maintained by the Architect of the Capitol. The Library of Congress is one of the largest libraries in the world. Its "collections are universal, not limited by subject, format, or national boundary, and include research materials from all parts of the world and in more than 470 languages." Congress moved to Washington, D.C., in 1800 after holding sessions for eleven years in the temporary national capitals in New York City and Philadelphia. In both cities, members of the U.S. Congress had access to the sizable collection ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
95th United States Congress
The 95th United States Congress was a meeting of the legislative branch of the United States federal government, composed of the United States Senate and the United States House of Representatives. It met in Washington, DC from January 3, 1977, to January 3, 1979, during the final weeks of the administration of U.S. President Gerald Ford and the first two years of the administration of U.S. President Jimmy Carter. The apportionment of seats in this House of Representatives was based on the Nineteenth Census of the United States in 1970. Both chambers maintained a Democratic supermajority, and with Jimmy Carter being sworn in as President on January 20, 1977, this gave the Democrats an overall federal government trifecta for the first time since the 90th Congress ending in 1969. , this was the most recent Congress to approve an amendment (the unratified District of Columbia Voting Rights Amendment) to the Constitution. This is the last time democrats or any party held a 2/3rd ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Financial Institutions Examination Council
The Federal Financial Institutions Examination Council (FFIEC) is a formal U.S. government interagency body composed of five banking regulators that is "empowered to prescribe uniform principles, standards, and report forms to promote uniformity in the supervision of financial institutions". It also oversees real estate appraisal in the United States. Its regulations are contained in title 12 of the Code of Federal Regulations. Composition FFIEC includes five banking regulators—the Federal Reserve Board of Governors (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the Consumer Financial Protection Bureau (CFPB). History FFIEC was established March 10, 1979, pursuant to title X of the Financial Institutions Regulatory and Interest Rate Control Act of 1978 (FIRA). Housing and real estate The FFIEC was given additional statutory responsibilities by section 340 of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Regulatory Changes 2005
Regulation is the management of complex systems according to a set of rules and trends. In systems theory, these types of rules exist in various fields of biology and society, but the term has slightly different meanings according to context. For example: * in biology, gene regulation and metabolic regulation allow living organisms to adapt to their environment and maintain homeostasis; * in government, typically regulation means stipulations of the delegated legislation which is drafted by subject-matter experts to enforce primary legislation; * in business, industry self-regulation occurs through self-regulatory organizations and trade associations which allow industries to set and enforce rules with less government involvement; and, * in psychology, self-regulation theory is the study of how individuals regulate their thoughts and behaviors to reach goals. Social Regulation in the social, political, psychological, and economic domains can take many forms: legal restrictions ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Regulatory Changes 1995
Regulation is the management of complex systems according to a set of rules and trends. In systems theory, these types of rules exist in various fields of biology and society, but the term has slightly different meanings according to context. For example: * in biology, gene regulation and metabolic regulation allow living organisms to adapt to their environment and maintain homeostasis; * in government, typically regulation means stipulations of the delegated legislation which is drafted by subject-matter experts to enforce primary legislation; * in business, industry self-regulation occurs through self-regulatory organizations and trade associations which allow industries to set and enforce rules with less government involvement; and, * in psychology, self-regulation theory is the study of how individuals regulate their thoughts and behaviors to reach goals. Social Regulation in the social, political, psychological, and economic domains can take many forms: legal restrictions ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
