WebMar 1, 2024 · The Community Reinvestment Act of 1977 (CRA) encourages certain insured depository institutions to help meet the credit needs of the communities in which they are chartered, including low- and moderate … 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.1 The CRA requires federal banking agencies to … See more Before the Community Reinvestment Act (and other fair housing laws), U.S. banks systematically denied mortgages to Black Americans and other people of color who lived in certain areas … See more The Federal Reserve uses one of five methods to rank a bank’s performance based on its size and mission. Though a 1995 update to the … See more More recently, some economists and policymakers have suggested the law needs to be revised to keep up with changes in the … See more Critics of the CRA, including some conservative politicians and pundits, allege the law contributed to the risky lending practices that led to the financial crisis of 2008. They contend that banks and other lenders relaxed … See more
From redlining to modernization: A CRA overview
WebRedlining - Practice of providing unequal access to credit, or unequal terms of credit to certain neighborhoods and geographies based on prohibited characteristics w/out regard to the residents' qualifications or creditworthiness. WebMay 13, 2024 · Traditional “redlining” is a form of illegal disparate treatment in which an institution provides unequal access to credit, or unequal terms of credit, because of the race, color, national origin, or other prohibited characteristic (s) of the residents of the area in which the credit seeker resides or will reside or in which the residential … book car mot reading
Inside the government’s feeble fight to end redlining
WebThe Community Reinvestment Act (CRA) was enacted in 1977 to prevent redlining. 1. … WebMay 3, 2024 · The Color of Law. A Forgotten History of How Our Government Segregated America. by Richard Rothstein. Hardcover, 345 pages. purchase. The Federal Housing Administration's justification was that if ... WebMar 5, 2012 · Answer by Randy Carey: Unless your other marketing also penetrates all areas of your service area, it could be a sign of redlining. Greenlining Definition: The business practice of investing energy, products and services in low-income, minority and disabled communities to increase profits and expand the economic pie. Answer: book carlton hotels