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After RedliningThe Urban Reinvestment Movement in the Era of Financial Deregulation$
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Rebecca K. Marchiel

Print publication date: 2020

Print ISBN-13: 9780226723648

Published to Chicago Scholarship Online: May 2021

DOI: 10.7208/chicago/9780226723785.001.0001

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Let’s Make the Market Work for Us

Let’s Make the Market Work for Us

The Lost Fight for Credit Allocation and the Rise of Community-Bank Partnerships

Chapter:
(p.192) Chapter Six Let’s Make the Market Work for Us
Source:
After Redlining
Author(s):

Rebecca K. Marchiel

Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226723785.003.0007

This final chapter follows the movement through the 1980s, as the savings and loan industry collapsed and as National People’s Action directed much of its energy toward using the CRA to win community-bank partnerships. The Reagan administration and Congress resolved a two-decades long debate over financial reform by choosing to reregulate banks, liberalizing the savings and loan industry to promote competition rather than bolstering the social mission codified by New Deal-era banking reforms. Reinvestment activists called for credit allocation, or state-mandated lending, but ultimately lost the battle to reform the financial sector by strengthening bank ties to local communities. Local savings and loans lost ground to bigger banks that orchestrated the movement of capital through national and international credit markets. Despite this smashing defeat, reinvestment activists used the HMDA and the CRA to secure small pools of credit that served as the lifeblood for an emerging community development banking sector.

Keywords:   Paul Volcker, credit allocation, community-bank partnerships, financial deregulation

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