Unfortunately, it also mixes the truth with fiction, apparently to justify the authors' grievancies about the Fed.
The Fed operates withing the laws of the land. The CRA is part of that law, which the Fed is supposed to obey. It should not promote or oppose the law but only to obey it.
We all should know who and what created the crises. But pointing in this context to the Fed is both fasle and immoral.
Did you read the link to the NY Fed? This was just quoting from their website. Of course Congress passed the laws and revised them to push their agenda, but our “Central Bank” forced the banks into the risky loans. Giving the Fed this type of power seems strange. If and when they will be able to audit the Fed, it should be interesting. The author has no grievances about the Fed, just about what Congress has pushed them to do.
The new financial reform law is totally out of control see “Financial Reform - Social Justice on Steroids” posted here.