Community Reinvestment Act
E11769
The Community Reinvestment Act is a U.S. federal law enacted in 1977 that encourages banks to help meet the credit needs of the communities in which they operate, particularly low- and moderate-income neighborhoods.
Observed surface forms (1)
| Surface form | Occurrences |
|---|---|
| Community Reinvestment Act of 1977 | 1 |
Statements (52)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal law
ⓘ
banking regulation ⓘ |
| administeredBy |
Federal Deposit Insurance Corporation
ⓘ
Federal Reserve Board of Governors ⓘ
surface form:
Federal Reserve Board
Office of the Comptroller of the Currency ⓘ |
| amendedBy |
Federal Deposit Insurance Corporation Improvement Act of 1991
ⓘ
Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ⓘ Gramm-Leach-Bliley Act of 1999 ⓘ Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 ⓘ |
| appliesTo |
FDIC-insured depository institutions
ⓘ
national banks ⓘ savings associations ⓘ state-chartered banks ⓘ |
| assessmentAreaDefinedBy | geographic areas around bank branches and deposit-taking facilities ⓘ |
| codifiedIn | 12 U.S.C. §§ 2901–2908 ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| criticizedFor |
complexity of compliance requirements
ⓘ
debates over its role in the subprime mortgage crisis ⓘ |
| dateSigned | 1977-10-12 ⓘ |
| enactedBy |
95th Congress
ⓘ
surface form:
95th United States Congress
|
| enactedInYear | 1977 ⓘ |
| establishes |
obligation to serve entire assessment area
ⓘ
obligation to serve low- and moderate-income borrowers ⓘ |
| focusesOn | low- and moderate-income neighborhoods ⓘ |
| intendedTo |
combat redlining
ⓘ
encourage community development lending and investment ⓘ promote fair access to credit ⓘ |
| performanceEvaluatedOn |
investment test
ⓘ
lending test ⓘ service test ⓘ |
| performanceRatingScale |
Needs to Improve
ⓘ
Outstanding ⓘ Satisfactory ⓘ Substantial Noncompliance ⓘ |
| primaryPurpose | encourage banks to help meet the credit needs of their entire communities ⓘ |
| publicLawNumber | Public Law 95-128, Title VIII ⓘ |
| regulates |
community investment practices
ⓘ
community lending practices ⓘ community service obligations of banks ⓘ |
| relatedTo |
Equal Credit Opportunity Act
ⓘ
Fair Housing Act of 1968 ⓘ
surface form:
Fair Housing Act
Home Mortgage Disclosure Act ⓘ |
| requires |
consideration of CRA record in applications for deposit facilities
ⓘ
consideration of CRA record in applications for mergers and acquisitions ⓘ consideration of CRA record in applications for new branches ⓘ periodic CRA examinations of covered institutions ⓘ public CRA performance evaluations ⓘ |
| shortName | CRA ⓘ |
| signedIntoLawBy | Jimmy Carter ⓘ |
| supports |
affordable housing initiatives
ⓘ
community development financial institutions ⓘ small business lending in underserved areas ⓘ |
Referenced by (7)
Full triples — surface form annotated when it differs from this entity's canonical label.
Riegle Community Development and Regulatory Improvement Act of 1994
→
relatedTo
→
Community Reinvestment Act
ⓘ