Community Reinvestment Act

Community Reinvestment Act

Community Reinvestment Act

Gaming the System": Study Details How Big Banks Are Avoiding Lending Obligations Under Community Reinvestment Act

A new report from National People's Action shows how big banks have been able to wiggle around their obligations under the Community Reinvestment Act. The act was passed in 1977 to stop the redlining of low-income neighborhoods and communities of color. Federal bank and thrift regulatory agencies are holding a public hearing in Chicago today, one of several held nationwide this summer to reevaluate the act. Ref. Source 4