Community Reinvestment Act
The Community Reinvestment Act regulates credit banking.
Contents
Description
The act creates a legal responsibility for credit banks to serve the credit needs of residents in low- and moderate-income (LMI) neighborhoods.
History
The act followed a series of laws, including the Fair Housing Act, Equal Credit Opportunity Act, and the Home Mortgage Disclosure Act.
The act was introduced by Reuss. It passed and was signed into law by Carter in 1977.