What Is the Community Reinvestment Act (CRA)?

Описание: The Community Reinvestment Act (CRA) is a federal law enacted in 1977 to encourage depository institutions to meet the credit needs of the communities where they are chartered, including low- and moderate-income neighborhoods. Before the CRA, U.S. banks denied mortgages to Black Americans in areas 'redlined' by the Home Owners' Loan Corporation. The law receives criticism for its effectiveness and has been the subject of modernization efforts.
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