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ARTICLE · 01 OCTOBER 2018

Senator Introduces Draft Bill Expanding The Community Reinvestment Act

Hogan Lovells Cadwalader
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Senator Elizabeth Warren (D-MA) introduced legislation intended to increase the supply of lower- and middle-income housing ...

United StatesFinance and Banking
Mark Chorazak
Mark Chorazak
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Senator Elizabeth Warren (D-MA) introduced legislation intended to increase the supply of lower- and middle-income housing, incentivize communities to revise their zoning laws to facilitate housing construction, and provide substantial grants to first time home buyers with an emphasis on loans in formerly segregated neighborhoods. The bill would materially expand the scope of the Community Reinvestment Act of 1977 (the "CRA"). The CRA requires depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods, consistent with safe and sound operations.

Senator Warren's bill, titled the American Housing and Economic Mobility Act, would among other things:

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