[Congressional Record Volume 145, Number 94 (Tuesday, June 29, 1999)]
[Extensions of Remarks]
[Page E1436]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       COMMUNITY REINVESTMENT ACT

                                 ______
                                 

                           HON. SHERROD BROWN

                                of ohio

                    in the house of representatives

                         Tuesday, June 29, 1999

  Mr. BROWN of Ohio. Mr. Speaker, the Community Reinvestment Act (CRA) 
was created by Congress in 1977 to encourage federally insured 
financial institutions to help meet the credit needs of the communities 
they serve. Fair and equal access to capital and credit should be a 
fundamental right, yet for too long it has been a privilege based on 
race or economic class. By any measure, the CRA has been a success in 
creating jobs, businesses, affordable housing and homeownership in 
minority and poor neighborhoods.
  In my home county of Lorain, OH, the FirstMerit Bank challenge under 
CRA garnered over a $20 million commitment from FirstMerit for mortgage 
lending in low and moderate income tracts. More importantly, the 
FirstMerit challenge started the Community Development initiative in 
earnest and led to a $33 million commitment from local public 
officials, banks and foundations on a community based development 
system for the county.
  Blatant discrimination in lending is declining and homeownership and 
small business opportunities are on the rise. We can attribute much of 
this progress to the Community Reinvestment Act. CRA has proven that 
working together with local leaders, advocacy organizations, and 
financial institutions, we can make local investment not only good for 
business, but good for improving the quality of life for low and 
moderate income residents in our communities. Let's continue to make 
the American dream a reality for more Americans.

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