ANNIVERSARY BY THE NUMBERS
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R E AA LL EES ST T F AI N A INA CL I IANLF OI R NM F A O TRI M A TSI I O RE AA T ET E& & FIN NC ON NN C E S 1I 8N7C2 E
County close-up: Middlesex Spotlight: Stoneham
IN PERSON
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Real estate was always a side hustle for Ricky Beliveau until a series of condo conversions opened the door to a new career. Six years later, he’s working to build a 21-story luxury tower in Everett’s rapidlytransforming industrial zone.
WEEK OF MONDAY, AUGUST 22, 2022
BANKING & LENDING BY THE NUMBERS
Banking trade groups say the latest plan to reform an antiredlining law will put smaller lenders at a disadvantage. And advocacy groups think it doesn’t go far enough to help correct redlining’s racial legacy.
R E I N V E S T M E N T R E B U T TA L S
12 months The implementation time for a new set of CRA reforms. See Diane McLaughlin’s story on this page. Source: The OCC, FDIC and Federal Reserve
5.36 percent Guaranteed Rate’s share of the July Middlesex County single-family mortgage market. See By the Numbers on page 6. Source: The Warren Group’s Marketshare Module
27 Regulations implementing the Community Reinvestment Act haven’t been updated in 27 years. See Diane McLaughlin’s story on this page. Source: Public record
4.9 percent Leader Bank’s share of the July Middlesex County single-family mortgage market. See By the Numbers on page 6. Source: The Warren Group’s Marketshare Module
$2 billion The size, in assets, of an “intermediate bank” under proposed CRA reforms. See Diane McLaughlin’s story on this page. Source: The OCC, FDIC and Federal Reserve
4.36 percent Citizens’ share of the July Middlesex County single-family mortgage market. See By the Numbers on page 6. Source: The Warren Group’s Marketshare Module
700 pages A new set of Community Reinvestment Act regulations are 700 pages long. See Diane McLaughlin’s story on this page. Source: OCC, FDIC and the Federal Reserve
TUG-OF-WAR BREWS OVER CRA REFORMS Concern for Small Lenders, Redlining’s Legacy Mark Critiques BY DIANE MCLAUGHLIN BANKER & TRADESMAN STAFF
A
fter a yearslong and often controversial effort by federal regulators to update the federal Community Reinvestment Act, banks could have just one year before they have to start complying with new CRA rules. “[T]he speed at which this is expected to be turned around and implemented – 12 months – is unreasonable at best,”
executives at North Adams-based MountainOne Bank said in a letter to federal regulators. Stakeholders finished submitting feedback earlier this month on a nearly 700page proposal aimed at modernizing regulations implementing the anti-redlining law. And both banks and community advocates have concerns about the proposed changes to regulations that had not been updated in more than 25 years. On one hand, banking trade groups say the reforms will put medium-sized banks with only a few billion dollars in assets at a disadvantage as they try to compete with their larger brethren. On the other hand,
community and housing groups say the reform doesn’t deal squarely with decades of redlining’s racial legacy. The fraught nature of the debate shows in how long it took the three federal bank regulators to agree on joint reforms. An earlier effort failed to produce a joint proposal; instead, the Office of the Comptroller of the Currency issued its own rule in May 2020, which some critics derided as a giveaway to elements of the banking industry. The OCC’s CRA rule was eventually rescinded by the Biden administration, and the OCC, FDIC and the Federal Reserve agreed to work on a new proposal. Continued on Page 9
2 The second-most prolific Middlesex County loan originator is affiliated with Watertown Savings Bank. See By the Numbers on page 6. Source: The Warren Group’s Loan Orignator Module
Unless otherwise noted, all data is sourced from The Warren Group’s Mortgage Market Share Module, Loan Originator Module, Statistics Module and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.
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