Financial Services Modernization Toughens Lenders’ Resolve to Enter New Lines of Business, Increased CRA Activity is Key
January 29, 2001
Despite an expected increase in compliance costs due to the sunshine rules, a study issued last week by the Department of the Treasury reports no ill-effects to CRA lending as a result of the passage of the Gramm-Leach-Bliley Act of 1999. At least for now. In fact, the study found increased resolve among lenders to engage in more CRA-type activities, although not for altruistic reasons.