Cra's 25th Anniversary: The Past, Present, and Future
This paper focuses on the past, present, and future rules and regulations implementing CRA as developed, applied, and enforced by the federal bank and thrift regulators. The past rules and regulations refer to those in effect during the law's first 18 years, through 1995, when CRA underwent its first major reform. The present CRA rules and regulations were adopted then, with the mandate that they would be reviewed for possible reform in 2002. The future rules and regulations are being drafted now by the regulators, based on their review of approximately 400 public comments; the reform recommendations should be released sometime during the second half of 2002. The future of CRA's legacy as arguably the perfect fair market regulation in a world of Compassionate Capitalism will depend upon the direction of these reforms. Optimal public policy by the bank and thrift regulators in this regard must represent the ideal balance between competing consumer and industry interests. This paper represents the first comprehensive analysis of the public comments and concludes with specific recommendations that will lead to optimal public policy.
How increased enforcement can offset statutory deregulation: The case of the Community Reinvestment Act
Purpose - This paper aims to estimate the cost to US savings banks and savings and loan institutions with assets under $250 million of complying with the anti-redlining Community Reinvestment Act (CRA). Design/methodology/approach - Compliance cost is modeled as a type of inefficiency because the lending institution is required to favor higher cost borrowers whom it might otherwise choose to avoid. Inefficiency is estimated using a special form of regression with a two-part error term that contains an inefficiency parameter. Findings - The 1995 statutory changes designed to lessen the cost of CRA compliance are apparently more than offset by the increased enforcement efforts of the Clinton Administration, which was hostile to deregulation enacted by Congress. For the vast majority of small thrifts, annual compliance costs grew by $251,000 following “deregulation,” and for a small number of “Outstanding” (in meeting the goals of the Act) institutions, CRA-related costs grew by $539,000. These increases represent a rise of about 3.5 and 6 percent of operating expenses, respectively. Practical implications - Given the wide latitude afforded financial regulators in the USA legislative changes regarded as “deregulation” also require a sympathetic and supportive administration to be realized. Originality/value - The paper offers insights into how increased enforcement can offset statutory deregulation, focusing on the case of the Community Reinvestment Act.
[Effects of dance exercise on exercise intention and exercise-related affect of postmenopausal women].
PURPOSE
A dance exercise program was performed to investigate the effects of exercise on exercise intention and exercise-related affect as these are important determinants of exercise behavior.


METHOD
The subjects were overweight (23< or =BMI< or =25) or obese (BMI> or =25) postmenopausal women (n=14), who participated in an exercise program from May, 2003 through November, 2003 at one public health center located in Kyong-gi Province. Data was analyzed with an SAS PC program.


RESULT
Exercise intention was significantly increased after the exercise program (t=-2.24, P=0.04). Exercise-related affect was also increased, but there was no statistically significant change (t=1.81, P=0.09).


CONCLUSION
This study suggests that exercise participation can increase the level of future exercise behavior by increasing exercise intention and exercise-related affect.