August 28, 1995
TO: BOARD OF GOVERNORS No. 62-95
RE: RECENT SPEECH ADVOCATES IMPOSING CRA REQUIREMENTS ON
NONBANKS
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Attached is a speech delivered by Richard Rosenberg, Chairman and Chief Executive
Officer of BankAmerica Corporation, at a recent Community Reinvestment Conference
sponsored by the Federal Reserve Bank of Dallas. In that speech, Mr. Rosenberg said that
"nonregulated financial services institutions" should be required to invest in their communities,
and that "we should demand that those institutions that would compete with banks shoulder
the same responsibilities to the community as banks."
As you know, the Institute has vigorously opposed any effort to impose Community
Reinvestment Act requirements on mutual funds. We will continue to monitor and report
developments in this area.
Matthew P. Fink
President
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