The
Community Reinvestment Act was passed in 1977 to combat the practice
of lenders redlining (refusing to lend to community residents) and failing
to have a branch presence in certain urban areas.
In 1999
"financial modernization" legislation was passed expanding
the scope of lending and security institutions while failing to modernize
CRA in relation to bank activities.
Click
here for more information on the history and status of CRA
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