Exchange Currency

Community Reinvestment Act of 1977

Law passed by Congress in 1977 requiring banks and other depository financial institutions to help meet credit needs of the community in which the bank or financial institution is chartered and operating in. These include meeting the credit needs of low to moderate income neighborhoods, provided that they had safe and consistent operations. A bank's or depository financial institutions' compliance with the Community Reinvestment Act is taken into consideration when a bank or depository financial institution desires to expand and build new bank branches or in mergers and acquisitions. The Community Reinvestment Act does not specifically list any civil or punitive damages and does not list specific criteria for evaluating the performance of a financial institution. Rather, the Community Reinvestment Act may be taken into consideration in conjunction with the Equal Credit Opportunity Act that does list specific civil and punitive damages for discriminating credit applicants based upon their race, color, religion, national origin, sex, marital status or age.

Related information about Community Reinvestment Act of 1977:
  1. Community Reinvestment Act - Wikipedia, the free encyclopedia
    The Community Reinvestment Act of 1977 seeks to address discrimination in loans made to individuals and businesses from low and moderate-income ...
     
  2. FRB: Community Reinvestment Act (CRA)
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  3. OCC: Community Reinvestment Act (CRA)
    The Community Reinvestment Act of 1977 (CRA) provides a framework for financial institutions, state and local governments, and community organizations to ...
     
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  5. FFIEC Community Reinvestment Act
    Oct 9, 2012 ... The Community Reinvestment Act (CRA), enacted by Congress in 1977 (12 U.S.C. 2901) and implemented by Regulations 12 CFR parts 25, ...
     
  6. Community Reinvestment Act - FDIC
    Jul 1, 2011 ... This title may be cited as the "Community Reinvestment Act of 1977". [Codified to 12 U.S.C. 2901 note]. [Source: Section 801 of title VIII of the ...
     
  7. Community Reinvestment Act of 1977: Definition from Answers.com
    law passed in 1977 and implemented by Federal Reserve Board Regulation BB, revised in 1995, encouraging depository institutions to help meet the credit.
     
  8. Community Reinvestment Act (CRA) Definition | Investopedia
    An act of Congress enacted in 1977 with the intention of encouraging depository institutions to help meet the credit needs of surrounding communities ...