[Congressional Record Volume 145, Number 76 (Tuesday, May 25, 1999)]
[Extensions of Remarks]
[Page E1082]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                      THE CRA SUNSHINE ACT OF 1999

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                           HON. BILL McCOLLUM

                               of florida

                    in the house of representatives

                         Tuesday, May 25, 1999

  Mr. McCOLLUM. Mr. Speaker, I am pleased to introduce the CRA Sunshine 
Act of 1999. This is a modest effort to reform the Community 
Reinvestment Act (CRA) and bring more openness to it.
  CRA groups have reported over $9 billion in cash payments received or 
pledged by banks as a result of CRA activities. A total of $694 billion 
in CRA commitments have been made or pledged due to CRA. While these 
pledges are made and collected as a direct result of federal 
legislation, the details of these payments are often unknown because 
many agreements include confidentiality clauses. Congress never 
intended that CRA dollars be used for anything other than investing in 
low and moderate income areas. There is concern that some CRA dollars 
are being used by CRA activists to pay for consulting fees, hiring 
contracts, administrative fees, and other nonloan activities. By 
shining light on the details of agreements made pursuant to CRA, this 
Act would remove the mystery from deals between banks and CRA 
organizations while ensuring that CRA truly benefits those that it was 
designed to benefit.
  I encourage my colleagues to join me in supporting this important 
legislation.

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