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Community Reinvestment Act

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Community Reinvestment Act (CRA)
Enacted by Congress in 1977, the CRA encourages banks to help meet the credit needs of their communities for housing and other purposes, particularly in neighborhoods with low or moderate incomes, while maintaining safe and sound operations.
Community Reinvestment Act
A 1977 U.S. law encouraging banks and other lending agencies to extend credit to low and moderate income persons wishing to buy a home. The original contained no penalties, but prohibited lending institutions from discriminating against a potential homeowner based on where he/she lives. Regulatory changes in 1995 and legislative amendment in 1999 are often blamed for encouraging banks to make excessively risky loans in exchange for the ability to offer investment and insurance services. Because of this, some believe the CRA is responsible for the housing bubble that contributed to the recession that began in 2008. See also: Credit Crunch, Gramm-Leach-Bliley Act


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Community Reinvestment Act and community development
Consumer Advisory Council meeting by Federal Reserve Bulletin
Stephan Robinson has joined City National Bank as senior vice president and Community Reinvestment Act manager.
City National Bank by Los Angeles Business Journal
Insurers are not covered by the federal Community Reinvestment Act, but consumer advocates gave a presentation on a similar, but voluntary, program in Massachusetts in which 25 insurers participate.
Insurers Urged to Reinvest in Community by Best's Review
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