Definition Of Community Reinvestment Act

A federal law passed in 1977 that encourages banks and other financial institutions to help meet the credit needs of the low or moderate income communities where they operate.

Definition of community reinvestment act. Community reinvestment act definition. The community reinvestment act cra is a federal law performed in 1977 to encourage depository institutions to meet the credit needs of low and moderate income neighborhoods. The community reinvestment act cra is a federal law enacted in 1977 to encourage depository institutions to meet the credit needs of low and moderate income neighborhoods. Community reinvestment act cra an act passed by congress in 1977 to encourage financial institutions to meet the credit needs of the communities in which they operate including low and moderate income neighborhoods.

The community reinvestment act cra p l. 1147 title viii of the housing and community development act of 1977 12 u s c. The community reinvestment act cra enacted in 1977 requires the federal reserve and other federal banking regulators to encourage financial institutions to help meet the credit needs of the communities in which they do business including low and moderate income lmi neighborhoods. The community reinvestment act was enacted by congress in 1977 to encourage banks and thrifts to help meet the needs of the communities where they operate including low and moderate income.