Authors: Jacob Conway, Jack N. Glaser, and Matthew C. Plosser
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Staff Reports
Does the Community Reinvestment Act Improve Consumers’ Access to Credit?
Number 1048
January 2023
January 2023
JEL classification: G21, G28
We study the impact of the Community Reinvestment Act (CRA) on access to consumer credit since 1999 using an individual-level panel and three distinct identification strategies: a regression discontinuity design centered on a CRA-eligibility cutoff; a comparison of neighboring census blocks; and an event study of changes in eligibility. All three rule out a significant effect of the CRA on consumer borrowing. We show that this is in part explained by a shift in mortgages from nonbanks, which are free from CRA obligations, to banks in need of CRA-eligible mortgages. Our findings underscore the pitfalls of a circumscribed regulatory regime.
Author Disclosure Statement(s)
Jacob Conway
The author declares that he has no relevant or material financial interests that relate to the research described in this paper.
Jack N. Glaser
The author declares that she has no relevant or material financial interests that relate to the research described in this paper.
Matthew C. Plosser
The author declares that (s)he has no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
The author declares that he has no relevant or material financial interests that relate to the research described in this paper.
Jack N. Glaser
The author declares that she has no relevant or material financial interests that relate to the research described in this paper.
Matthew C. Plosser
The author declares that (s)he has no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
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