NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Did the Community Reinvestment Act (CRA) Lead to Risky Lending?

Sumit Agarwal, Efraim Benmelech, Nittai Bergman, Amit Seru

NBER Working Paper No. 18609
Issued in December 2012

---- Acknowledgements -----

The authors thank Brent Ambrose, Gadi Barlevy, Charles Calomiris, Itzhak Ben-David, John Cochrane, Doug Evanoff, Gene Fama, Erik Hurst, Benjamin Keys, Mitchell Petersen, Tomasz Piskorski, Raghuram Rajan, Vikrant Vig, Luigi Zingales and seminar participants at Duke (Fuqua School of Business) and the Federal Reserve Bank of Chicago for useful discussions. Caitlin Kearns provided outstanding research assistance. The analysis in this paper was conducted and finalized while Agarwal was a senior financial economist at the Federal Reserve Bank of Chicago. The views expressed in this paper are those of the authors and do not necessarily reflect the views of the Federal Reserve Bank of Chicago, the Federal Reserve System, or the National Bureau of Economic Research.

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