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#1375339 - 04/16/10 03:55 PM
H.R. 5038 Repeal of the CRA
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Joined: May 2005
Posts: 8,487
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Who is this Jeb Hensarling guy from Texas? Did he ever work in the banking industry? Press Release Regardless of what CRA was, today it is a costly and redundant anachronism that has contributed to our economic crisis and still enables certain activist groups to essentially shake down financial institutions, harming credit and job opportunities for all Americans. Federal Reserve data has shown that well over 99% of all banks are already in full compliance of CRA, yet we know that community banks can spend up to $90,000 a year, just to prove compliance.
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#1375458 - 04/16/10 05:34 PM
Re: H.R. 5038 Repeal of the CRA
B_F
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Guess
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Does he really think he can get this to happen with Obama in power? Come on now..... Acorn would never allow it. True...he's nuts and so is ACORN (insert rimshot sound here). The truth of his statement, however, is sound.
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#1375660 - 04/16/10 07:07 PM
Re: H.R. 5038 Repeal of the CRA
YosemiteSamIAm
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Joined: Aug 2002
Posts: 3,275
Quadrupletville, Texas
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Jeb Hensarling is NOT NUTS. He is a common sense guy from the Dallas area and is a great friend to the banking industry. I don't know if his proposed legislation will go far or not, but I hope so.
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#1375866 - 04/16/10 09:06 PM
Re: H.R. 5038 Repeal of the CRA
Ucan'tdothat
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Gold Star
Joined: Aug 2007
Posts: 273
Oklahoma
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With the Feds conducting research on the unbanked and underbanked, I don't hold out any hope that CRA is going away.
Since they present the findings at CRA type meetings, guess where I think those findings are going to be put to use?
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#1375942 - 04/16/10 09:56 PM
Re: H.R. 5038 Repeal of the CRA
Quadspapa
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Joined: May 2005
Posts: 8,487
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Jeb Hensarling is NOT NUTS. He is a common sense guy from the Dallas area and is a great friend to the banking industry. I don't know if his proposed legislation will go far or not, but I hope so. I don't think he is nuts. I thought his press release showed he really knew something about the issue. That's why I wondered if he has worked in the banking industry.
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#1375950 - 04/16/10 10:05 PM
Re: H.R. 5038 Repeal of the CRA
buggs
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Joined: Aug 2008
Posts: 742
Southern Illinois
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"yet we know that community banks can spend up to $90,000 a year, just to prove compliance" .....Where at?
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#1375956 - 04/16/10 10:17 PM
Re: H.R. 5038 Repeal of the CRA
Quadspapa
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Guess
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Jeb Hensarling is NOT NUTS. He is a common sense guy from the Dallas area and is a great friend to the banking industry. I don't know if his proposed legislation will go far or not, but I hope so. I didn't mean he was nuts...I meant it is nuts to think his argument will be heard.
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#1376036 - 04/18/10 04:26 PM
Re: H.R. 5038 Repeal of the CRA
Cale_N_Oats
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Joined: May 2005
Posts: 8,487
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"yet we know that community banks can spend up to $90,000 a year, just to prove compliance" .....Where at? By the time you factor in your entire budget related to CRA compliance (including audits and dealing with examinations), this is an easy number to reach for many community banks. How much does your bank spend, Quince?
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#1376077 - 04/19/10 01:05 PM
Re: H.R. 5038 Repeal of the CRA
buggs
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Joined: Feb 2005
Posts: 5,349
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Buggs, I tried to look up this bill and had a hard time. What I could find was that HR 5038 was defeated in 2009. The HR 5038 I reviewed had nothing to do with CRA. Is there another one?
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#1376151 - 04/19/10 02:04 PM
Re: H.R. 5038 Repeal of the CRA
Sound Tactic
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Buggs, I tried to look up this bill and had a hard time. What I could find was that HR 5038 was defeated in 2009. The HR 5038 I reviewed had nothing to do with CRA. Is there another one? Maybe Dip helped post it. If so, it could be 5083 or 0538 or 5830 or... 
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Sorry, did I just use my outside voice?
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#1376154 - 04/19/10 02:05 PM
Re: H.R. 5038 Repeal of the CRA
YosemiteSamIAm
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10K Club
Joined: Jul 2004
Posts: 18,989
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Now that's funny! ^^^ !!
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#1376343 - 04/19/10 04:40 PM
Re: H.R. 5038 Repeal of the CRA
Sound Tactic
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Power Poster
Joined: May 2005
Posts: 8,487
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Buggs, I tried to look up this bill and had a hard time. What I could find was that HR 5038 was defeated in 2009. The HR 5038 I reviewed had nothing to do with CRA. Is there another one? The bill has been introduced and referred to the House Committee on Financial Services. The text of the legislation is not yet available on thomas.loc.gov. It was introduced on April 15. You might be able to find out a little more here: http://www.opencongress.org/bill/111-h5038/show
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