Can an effort to revamp anti-redlining lending laws survive the swamp
July 19, 2022
By Steve Gelsi
Brian Adkins, senior counsel and a member of the real-estate practice group at the business law firm Buchalter, said in an email to MarketWatch that the CRA update amounts to a well-intentioned effort that could use some refining.
“The CRA has created regulatory burdens and oversight that constrain the market and at the same time have implemented enforcement mechanisms to punish those who are non-compliant, but has not created enough positive reinforcement to incentivize businesses to voluntarily comply,” he said. “I think more effective use of a ‘carrot’ to incentivize private business to balance out the ‘stick’ of various enforcement mechanisms would be essential to making the CRA a long-running success.”
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