In last year's "State of Bank Reinvestment in New York City" report, the Association for Neighborhood and Housing Development (ANHD) presented data received from the city's largest financial institutions that documented substantial reductions in their core CRA-related activities such as community development and multi-family lending. Analysis of the most current data from 20 of the city's largest financial institutions demonstrates that these trends have continued while banks, for the first time, have also cut home mortgage lending, CRA-qualified investments and philanthropy. These reductions, summarized in Finding 1 and Appendix A, come amidst often substantial profits and growing deposits.
While most financial institutions have argued that the recession and economic uncertainty contributed to the drop in their CRA -- related activities, the truth is most banks had strong financials -- the direct result of taxpayer-funded bailouts -- and the public sector in New York City had either maintained or expanded its investment in community and economic development.
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- Copyright 2011 Association for Neighborhood Housing and Development (ANHD).
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