Remarks by Eugene A. Ludwig Comptroller of the Currency before the Director's Roundtable, San Francisco, California

In the attached speech, Comptroller of the Currency Eugene A. Ludwig asks whether, in light of the fundamental changes in the financial services marketplace, the principles underlying the Community Reinvestment Act (CRA) should be extended to cover the broader financial services industry. "As we move forward into the 21st century, I believe we must begin now to seriously focus on this central question," Mr. Ludwig says. "To what degree should financial providers besides banks be asked to step up to the plate and participate in a CRA-like program as the banking industry has done?"

Mr. Ludwig emphasizes that helping "low and moderate income Americans have fair and equal access to financial services does not necessarily mean the imposition of a CRA-type of responsibility [to other financial service providers] in a rigid, one-size-fits-all way." The Comptroller suggests several alternative ways that CRA-type principles could be applied to other financial service providers.

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• Remarks by Eugene A. Ludwig Comptroller of the Currency before the Director's Roundtable, San Francisco, California (PDF)