What was the Community Reinvestment Act of 1977?

A law taxing communities and giving that money to banks
A law that gave money to people in low-income areas
A law that encouraged bank lending in low-income areas
A law taxing banks and lending that money to low-income people

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-income (LMI) neighborhoods, consistent with the safe and sound operation of such institutions.

Under the regulations that implement CRA, federal regulators grade large banks (those with at least $250 million in assets) on three measures of compliance: lending, investment, and service (see "The Grading System," p.

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What was the Community Reinvestment Act of 1977? A law taxing communities and giving that money to banks A law that gave money to people in low-income areas A law that encouraged bank lending in low-income areas A law taxing banks and lending that money to low-income people

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What was the Community Reinvestment Act of 1977?

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What was the Community Reinvestment Act of 1977?

A law taxing communities and giving that money to banks
A law that gave money to people in low-income areas
A law that encouraged bank lending in low-income areas
A law taxing banks and lending that money to low-income people