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File #: 181061    Version:
Type: Resolution Status: Passed
File created: 10/16/2018 In control: COMMON COUNCIL
On agenda: Final action: 11/5/2018
Effective date:    
Title: Substitute resolution supporting the Community Reinvestment Act.
Sponsors: ALD. HAMILTON, ALD. ZIELINSKI, ALD. BAUMAN, ALD. JOHNSON, ALD. BORKOWSKI, ALD. RAINEY, ALD. LEWIS, ALD. STAMPER, ALD. COGGS
Indexes: BANKING, CIVIL RIGHTS
Attachments: 1. October 15 2018 communication from the MMFHC
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
11/9/20181 MAYOR SIGNED   Action details Meeting details Not available
11/5/20181 COMMON COUNCIL ADOPTED

Minutes note: Following concil members asked to be added as co-sponsors: Rainey, Lewis, Stamper and Coggs There were no objections.
Pass14:0 Action details Meeting details Not available
10/29/20180 JUDICIARY & LEGISLATION COMMITTEE SUBSTITUTED

Minutes note: Appearing: Ald. Hamilton - sponsor Bethany Sanchez - Fair Housing All Committee members asked to be added as Co-sponsors for this resolution. There were no objections.
Pass5:0 Action details Meeting details Video Video
10/29/20181 JUDICIARY & LEGISLATION COMMITTEE RECOMMENDED FOR ADOPTIONPass5:0 Action details Meeting details Video Video
10/16/20180 COMMON COUNCIL ASSIGNED TO   Action details Meeting details Not available
Number
181061
Version
SUBSTITUTE 1
Reference

Sponsor
ALD. HAMILTON, ZIELINSKI, BAUMAN, JOHNSON, BORKOWSKI, RAINEY, LEWIS, STAMPER, AND COGGS
Title
Substitute resolution supporting the Community Reinvestment Act.
Analysis
This resolution expresses the Common Council’s support for the Community Reinvestment Act and efforts to modernize the law without undermining its goal and intent.

Body
Whereas, The Community Reinvestment Act is a landmark civil rights law enacted on October 22, 1977, to end the practice of redlining by financial institutions where they would draw red lines on maps around neighborhoods where they did not want to offer financial services; and

Whereas, Before the enactment of the Community Reinvestment Act, redlining made it impossible for low- and moderate-income Americans, racial and ethnic minorities and their neighborhoods to access credit services, such as mortgages and business loans, regardless of their qualifications or creditworthiness; and

Whereas, The Community Reinvestment Act states that regulated financial institutions have continuing and affirmative obligations to help meet the credit needs of the local communities in which they are chartered; and

Whereas, The Community Reinvestment Act establishes a regulatory regime for monitoring the level of lending, investments, and services in low- and moderate-income neighborhoods traditionally underserved by lending institutions; and

Whereas, If a regulatory agency finds a financial institution not serving low- and moderate-income neighborhoods, it can delay or deny that institution’s request to merge with another lender, open a branch or expand any of its other services; and

Whereas, A financial institution’s Community Reinvestment Act grade can be downgraded if a federal agency uncovers evidence of illegal, abusive or discriminatory lending on its fair lending exams; and

Whereas, Since 1996, according to an analysis of bank lending data by the National Community Reinvestm...

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