On November 19, Comptroller of the Currency John C. Dugan gave a speech before the Enterprise Annual Network Conference in Baltimore. In that speech, the Comptroller disagreed with suggestions that the Community Reinvestment Act (CRA) is partly responsible for the subprime crisis.  

In his remarks, Mr. Dugan stated that “CRA is not the culprit behind the subprime mortgage lending abuses, or the broader credit quality issues in the marketplace.” He further noted that “the lenders most prominently associated with subprime mortgage lending abuses and high rates of foreclosure are lenders not subject to CRA.”  

According to his remarks, during the past ten years, CRA has spurred the doubling of lending by banking institutions to small businesses and farms to more than $2.6 trillion. The speech further noted that, during the same time, such lenders more than tripled community development lending to $371 billion.