Warren W. Traiger Quoted in SNL Article, “On 40th Anniversary, Community Reinvestment Act Faces Existential Crisis"
SNLWarren W. Traiger
Warren W. Traiger was quoted on October 17, 2017 in an SNL article, “On 40th Anniversary, Community Reinvestment Act Faces Existential Crisis," which discussed the CRA origins and the belief of industry experts’ that revision is needed. The article stated, “The Community Reinvestment Act, or CRA, turned 40 years old since President Jimmy Carter signed the bill, but the age-old debate continues over whether or not its requirements on serving low- and moderate-income neighborhoods are distorting the availability of credit. With a persistent racial wealth gap, more fair-lending laws having been enacted since the CRA's passage, and new developments in fintech, consumer advocates and industry firms say the law is long overdue for a revision.”
Traiger added, “The Treasury's interest in the CRA is an important step toward some reform, adding that regulators have already announced tweaks designed to simplify reporting under the Home Mortgage Disclosure Act. That opens up the possibility of changing the regs."