Federal Reserve Bank of San Francisco

Community Development

The CRA as a Means to Provide Public Goods


February 2009

Community Development Investment Review

The Community Reinvestment Act (CRA) has proved to be a unique experiment in banking regulation. As the Federal Reserve Governor with responsibility for consumer regulation and community affairs oversight during much of the 1990s, I look back fondly on my experience, along with my good friend and then-Comptroller of the Currency Gene Ludwig, in working to design the current regulatory scheme of the act.

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