The __________, passed in 1977, attempts to increase the availability of credit to economically disadvantaged areas and to correct alleged discriminatory lending practices.

Question

Quizplus · Accepted Answer

The Community Reinvestment Act (CRA) was passed in 1977 with the purpose of increasing the availability of credit to economically disadvantaged areas and correcting any discriminatory lending practices that may have been taking place. This act requires banks and other financial institutions to meet the credit needs of their local communities, including low- and moderate-income neighborhoods. The CRA also requires banks to demonstrate their commitment to meeting these needs in order to receive regulatory approval for mergers and acquisitions.

The __________, Passed in 1977, Attempts to Increase the Availability