Oh no! It was the poor folks, and the government, and the fed, and the CRA. (/s)
Wall Street is already putting its spin out now that the gov’t is about to re-regulate them. A few threads down from this one is a thread blaming everybody but the bankers.
parsy, who hopes conservatives don’t fall for the spin
Do you trust the Democrats to pass sane banking regulations?
The same CRA that was going to be strictly enforced before any merger between banks, IBs, and insurance companies was allowed?
Crucial to the passing of this Act was an amendment made to the GLBA, stating that no merger may go ahead if any of the financial holding institutions, or affiliates thereof, received a "less than satisfactory [sic] rating at its most recent CRA exam", essentially meaning that any merger may only go ahead with the strict approval of the regulatory bodies responsible for the Community Reinvestment Act (CRA).[17] This was an issue of hot contention, and the Clinton Administration stressed that it "would veto any legislation that would scale back minority-lending requirements." [18]