Community Reinvestment Act No Longer Protecting Worcester
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PAUL D. GILBODY
is senior vice president and CRA officer of Worcester-based Bay State Savings Bank (www.baystatesavings.com). |
By Paul D. Gilbody
Give and you shall receive doesn’t always apply to the banking industry. When banks take deposits from a community, but fail to lend back a similar amount of money, the resulting reduction of capital over time can have a detrimental impact on the community’s economic health.
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