Replies to post #411106 on Zeev's Turnips Talk Politics (ZTTP)

[Soul Washer]

Community Reinvestment Act
From Wikipedia, the free encyclopedia
Jump to: navigation, search

The Community Reinvestment Act (or CRA, Pub.L. 95-128, title VIII, 91 Stat. 1147, 12 U.S.C. § 2901 et seq.) is a United States federal law designed to encourage commercial banks and savings associations to meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods.[1][2][3] Community activists had lobbied the US Congress to pass the Act in order to reduce discriminatory credit practices against low-income neighborhoods, a practice known as redlining.[4]

The Act requires the appropriate federal financial supervisory agencies to encourage regulated financial institutions to meet the credit needs of the local communities in which they are chartered, consistent with safe and sound operation. (See full text of Act and current regulations.[1]) To enforce the statute, federal regulatory agencies examine banking institutions for CRA compliance, and take this information into consideration when approving applications for new bank branches or for mergers or acquisitions.[5]


I guess banks didn't follow the rules.

[rollingrock]

if you refuse to check it out
it's why you have no clue. You just keep following PBO. You obviously can't think for yourself and need the government to tell you what to do. I think you are going to be disappointed.