Events
The Power and Potential of the Community Reinvestment Act
Date: Wednesday, April 14th 2010
The Power and Potential of the Community Reinvestment Act was designed to bring together key practitioners, researchers, government officials and banking leaders to examine the role that regulation can play to promote responsible lending and investment in underserved communities. Some contend that the Community Reinvestment Act is neither successful nor necessary. But even those who see it as having been a major force in generating private capital for housing, economic and community development, question its effectiveness and relevance in today’s financial climate, and worry about its low status as a public priority.
At the first breakfast, The Power of CRA: Lessons from the Past, distinguished panelists discussed CRA’s record on spurring community revitalization, and try and come to agreement on what lessons we can take away from its 30-year history. Mark A. Willis, Furman Center’s Resident Research Fellow, moderated this discussion with the following panelists:
- Naomi Bayer, senior vice president, national initiatives and innovation, Enterprise Community Partners
- Dorothy Broadman, managing vice president and head of community development banking, Capital One
- Eugene C. Ludwig, founder and CEO of the Promontory Financial Group and former U.S. Comptroller of the Currency
- Kenneth D. Wade, chief executive officer, NeighborWorks America
At the second breakfast, panelists examined possible ideas for reforming CRA to help underserved communities receive more of the lending and investment they need to grow and thrive, particularly in today’s credit starved environment. Mark A. Willis, Furman Center’s Resident Research Fellow, moderated this discussion with the following panelists:
- Ellen Seidman, Executive Vice President, National Policy and Partnership Development at ShoreBank Corporation; Senior Research Fellow in the Asset Building Program of the New America Foundation
- John Taylor, President and CEO of the National Community Reinvestment Coalition
- Michael P. Rizer, Director of Community Development for Wells Fargo Corporation
