Transcription of Community Reinvestment Act Fact Sheet - Office of the ...
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Community Reinvestment Act Fact Sheet - Office of the ...
1 Office of the Comptroller of the Currency March 2014 Community Reinvestment Act The C ommunity Reinvestment Act ( CRA) w as enacted in 1977 to preve nt redlining1 and to enc ourage banks and savings associations (collectively, banks) to help meet the c redit needs of a ll segments of t he ir c ommunities, including low- a nd moderate-income neighborhoods and individuals. The CRA extended and clarified the long-standing e xpectation that banks will serve the c onvenienc e and needs of t heir local communities. Today, CRA and its implementing regulations require Federal financ ial institution regulators to assess the r ecor d of each ba nk in fulfilling its obligation to the c ommunity and to consider that record in eva luating and approving applications for c ha rters, bank mergers, acquisitions, and branc h openings. The Federal financial institution regulators are: the O ffi ce of the Comptroller of the C urrenc y (OCC)2; the B oard of Governors of the Federal Reserve S ystem; and the Federal Deposit Insuranc e C or poration (FDIC).
Community Reinvestment Act . The Community Reinvestment Act (CRA) was enacted in 1977 to prevent redlining. 1. and to encourage banks and savings associations (collectively, banks) to help meet the credit needs of all segments of their communities, including low- and moderate-income neighborhoods and individuals. The CRA extended and clarified the
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