The Validity of Objections to Side-line the USA-based Community Reinvestment Legislative Model in South Africa
DOI:
https://doi.org/10.25159/2522-3062/13330Keywords:
community reinvestment, broad-based black economic empowerment, discrimination, financial inclusion, financial exclusion, redliningAbstract
This article discusses the adoption and the eventual side-lining of the Community Reinvestment (Housing) Bill (CRHB) in South Africa, which is based on the United States of America’s Community Reinvestment Act of 1977 (CRA), as a measure to prevent various patterns of redlining in South Africa. It identifies continuing allegations of redlining by financial institutions. It further questions whether the Financial Sector Charter, which was voluntarily agreed upon at the National Economic Development and Labour Council (NEDLAC), and the Financial Sector Code, are effective in preventing redlining and the impact of financial exclusion of low-income households. The article discusses several reasons and objections to side-line the CRHB by comparing the context within which the CRA was applied in the USA and the South African context within which a similar legislation will be applied. This article asks whether these objections are still valid and whether the Financial Sector Charter and the Financial Sector Code are effectively enforced to prevent redlining.
Metrics
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Legislation
Acts of Parliament.
Broad-Based Black Economic Empowerment 53 of 2003.
Broad-based Black Economic Empowerment Amendment Act 46 of 2013.
Community Reinvestment Act of 1977.
Competition Act 89 of 1998.
Constitution of the Republic of South Africa 1996.
Dodd-Frank Wall Street Reform and Consumer Financial Protection Act of 2010.
Employment Equity Act 55 of 1998.
Equal Credit Opportunity Act of 1968.
Fair Housing Act of 1968.
Financial Sector Regulation Act 9 of 2017.
Home Loan Act of 1933.
Home Loan and Mortgage Disclosure Act 63 of 2000.
Home Mortgage Disclosure Act of 1977.
Promotion of Equality and the Prevention of Unfair Discrimination Act 4 of 2000.
Reservation of Separate Amenities Act 49 of 1953.
Draft Bills
Amended Financial Sector Code, Government Gazette 41287 (1 December 2017) General Notice 1325.
Community Reinvestment (Housing) Bill, Government Gazette 23423 (17 May 2002) General Notice 747.
Financial Sector Charter, Government Gazette 29610 (9 February 2007) General Notice R110.
Financial Sector Code, Government Gazette 35914 (26 November 2012) General Notice R35914.
Promotion of Equality and Prevention of Unfair Discrimination Amendment Bill [B-2021]
Government Publications.
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© Published by the Department of Public, Constitutional and International Law, University of South Africa and Unisa Press.
Accepted 2023-10-16
Published 2023-11-22
