Authority of the Federal Financial Supervisory Agencies Under the Community Reinvestment Act: Memorandum for Eugene A. Ludwig, Comptroller of the Currency [December 15, 1994]   [open pdf - 36KB]

"This memorandum responds to your request for our opinion concerning whether the federal financial supervisory agencies ('the agencies') have authority under the Community Reinvestment Act of 1977 ('CRA'), 12 U.S.C. § 2901 et seq., to provide by regulation that financial institutions that do not meet the credit needs of their communities may be subject to administrative enforcement actions under 12 U.S.C. § 1818. We conclude that the agencies lack such authority."