The problem with the Community Reinvestment Act is not its goals but its vagueness and ambiguity that have led to a nightmare of documentation, paperwork and formalized process that diverts bankers' time and bank resources from being utilized to serve our communities… we need to build a system of supervision and enforcement that encourages creativity and substance in community reinvestment lending.
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Michael K. Guttau, National Mortgage News
It is simply wrong-headed policy…[Federal and state banking regulations] require or aggressively nudge banks into subsidizing parts of the community [The proposals] would only aggravate the problem.
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Lawrence J. White, a professor of economics at New York University's Stern School of Business, New York Times.
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