Signed into law by President Jimmy Carter in 1977, the Community Reinvestment Act followed in the footsteps of previous legislation, including the Fair Housing Act (1968), the Equal Credit Opportunity Act (1974), and the Home Mortgage Disclosure Act (1975). Although each act mandated a different set of regulations for various aspects of the housing market–the first two working to prohibit discrimination in property transactions, the latter to require transparency from mortgage and lending institutions–the CRA specifically regulates banks.

Any bank that receives FDIC insurance protection is bound under the CRA to submit to an examination of their lending practices, in order to assess whether they are offering loans and credit with consistent standards in all communities, regardless of income, in which they are chartered. Prior to the CRA, banks were free to discriminate against low- or moderate-income home buyers, who were often minorities. The CRA does not force banks to approve high-risk loans, but it does require them to answer for the credit applications they reject. Each bank is reviewed in the context of its community, and assigned an assessment rating that is used to monitor the bank’s record.

The CRA has been revised by legislative action a number of times since its passage. In some cases, the revision allowed for greater oversight of banks by public action groups as well as government regulators. In others, the FNMA and FHLMC (Fannie Mae and Freddie Mac) were mandated to devote a percentage of their lending to affordable housing. Most recently, in 2008, Congress passed the Higher Education Opportunity Act, which adds to CRA compliance criteria an examination of how and to whom the bank provides low-cost education loans. A number of other proposed revisions have been considered in recent years, particularly in light of the provisions in the American Recovery and Reinvestment Act (also known as the stimulus bill).

UNIVERSAL SOLE TRAIL CHALLENGE UNVEILED
Runners Invited to “Rock Your Sole” on December 12 at Schiller Woods

CHICAGO, IL. - Chicago’s scenic Schiller Woods Forest Preserve will serve as the backdrop to the
2009 Universal Sole Trail Challenge, slated for 10:00 a.m. on Saturday, December 12. The 5.25-mile offroad course is a favorite on the Chicagoland running scene and promises challenging terrain with mud and water crossings, as well as fallen trees, loose gravel and other natural obstacles. The event is open to runners and walkers but will be capped at 500 entries.

“We are ecstatic to be able to offer the Trail Challenge to the running community in 2009,” said Joel Feinberg, owner of Universal Sole. “We really feel this ‘off the beaten path’ event reflects Universal Sole’s personality and provides a unique opportunity for runners and walkers to gather and play in the woods with their friends and families in the midst of the holidays. A trail run like this can be a serious test for any competitor as well as a treat for those looking to finish out their 2009 running calendar with a bang.”

The race will take place at the Schiller Woods Forest Preserve, Groves 3 & 4, near the intersection of Irving Park Rd. and Cumberland Ave. Competitors will be greeted at the finish by welcome amenities common to Universal Sole events, including hot oatmeal, Rock Your Sole Chili and Goose Island Beer.

All registrants will receive a premium embroidered beanie cap. Additionally, the top three male and female finishers will each earn a pair of Saucony shoes and Universal Sole merchandise, while the top three in every age group will walk away with a special edition Trail Challenge Trophy.

The race is supported by Universal Sole, PERL Mortgage, Saucony, Goose Island and Clif Bar among others. Participants are encouraged to bring a pair shoes and socks to change in to after the race.

Registration is available online now at www.signmeupsports.com for $30, or participants can save $5 by registering in-store at Universal Sole, 3052 N. Lincoln Ave., Chicago. Race-day registration at the event site is $40. For more information visit www.universalsole.com or call the store at (773) 868-0893.