Quote – Michael K. Guttau, National Mortgage News

The problem with the Community Reinvestment Act is not its goals but its vagueness and ambiguity that have led to a nightmare of documentation, paperwork and formalized process that diverts bankers' time and bank resources from being utilized to serve our communities… we need to build a system of supervision and enforcement that encourages creativity and substance in community reinvestment lending.

Michael K. Guttau, as quoted in Eugene Ludwig, “Boost the strength of the CRA”, National Mortgage News

Monday, May 16, 1994