{"id":2345,"date":"2015-03-03T16:50:18","date_gmt":"2015-03-03T16:50:18","guid":{"rendered":"https:\/\/histowiki.com\/?p=2345"},"modified":"2020-09-20T16:45:06","modified_gmt":"2020-09-20T16:45:06","slug":"community-reinvestment-act-timeline","status":"publish","type":"post","link":"https:\/\/histowiki.com\/hot-stove-topics\/2345\/community-reinvestment-act-timeline\/","title":{"rendered":"Community Reinvestment Act Timeline"},"content":{"rendered":"<p><a href=\"https:\/\/histowiki.com\/hot-stove-topics\/\"><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter size-full wp-image-3172\" src=\"https:\/\/histowiki.com\/wp-content\/uploads\/2017\/11\/hotstovetopics-01.jpg\" alt=\"\" width=\"532\" height=\"300\" srcset=\"https:\/\/histowiki.com\/wp-content\/uploads\/2017\/11\/hotstovetopics-01.jpg 532w, https:\/\/histowiki.com\/wp-content\/uploads\/2017\/11\/hotstovetopics-01-300x169.jpg 300w\" sizes=\"(max-width: 532px) 100vw, 532px\" \/><\/a><\/p>\n<p>Did changes to the original CRA create the U.S. &#8220;Debt Bomb&#8221; as some claim?<\/p>\n<p>The\u00a0<strong>Community Reinvestment Act<\/strong>\u00a0(<strong>CRA<\/strong>,\u00a0<a title=\"Public law (United States)\" href=\"http:\/\/en.wikipedia.org\/wiki\/Public_law_(United_States)\">Pub.L.<\/a>\u00a095-128, title VIII of the\u00a0<a title=\"Housing and Community Development Act of 1977 (page does not exist)\" href=\"http:\/\/en.wikipedia.org\/w\/index.php?title=Housing_and_Community_Development_Act_of_1977&amp;action=edit&amp;redlink=1\">Housing and Community Development Act of 1977<\/a>, 91\u00a0<a title=\"United States Statutes at Large\" href=\"http:\/\/en.wikipedia.org\/wiki\/United_States_Statutes_at_Large\">Stat.<\/a>\u00a01147,\u00a0<a title=\"Title 12 of the United States Code\" href=\"http:\/\/en.wikipedia.org\/wiki\/Title_12_of_the_United_States_Code\">12 U.S.C.<\/a>\u00a0<a href=\"http:\/\/www.law.cornell.edu\/uscode\/12\/2901.html\" rel=\"nofollow\">\u00a7\u00a02901<\/a>\u00a0<em>et seq.<\/em>) is a\u00a0<a title=\"United States federal law\" href=\"http:\/\/en.wikipedia.org\/wiki\/United_States_federal_law\">United States federal law<\/a>\u00a0designed to encourage commercial\u00a0<a title=\"Bank\" href=\"http:\/\/en.wikipedia.org\/wiki\/Bank\">banks<\/a>\u00a0and\u00a0<a title=\"Savings and loan association\" href=\"http:\/\/en.wikipedia.org\/wiki\/Savings_and_loan_association\">savings associations<\/a>\u00a0to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods.<sup id=\"cite_ref-fdic.gov_0-0\"><a href=\"http:\/\/en.wikipedia.org\/wiki\/Community_Reinvestment_Act#cite_note-fdic.gov-0\">[1]<\/a><\/sup><sup id=\"cite_ref-ABC_1-0\"><a href=\"http:\/\/en.wikipedia.org\/wiki\/Community_Reinvestment_Act#cite_note-ABC-1\">[2]<\/a><\/sup><sup id=\"cite_ref-Federal_Reserve_2-0\"><a href=\"http:\/\/en.wikipedia.org\/wiki\/Community_Reinvestment_Act#cite_note-Federal_Reserve-2\">[3]<\/a><\/sup>\u00a0Congress passed the Act in 1977 to reduce discriminatory credit practices against low-income neighborhoods, a practice known as<a title=\"Redlining\" href=\"http:\/\/en.wikipedia.org\/wiki\/Redlining\">redlining<\/a>.<sup id=\"cite_ref-Bernanke_3-0\"><a href=\"http:\/\/en.wikipedia.org\/wiki\/Community_Reinvestment_Act#cite_note-Bernanke-3\">[4]<\/a><\/sup><sup id=\"cite_ref-30years_4-0\"><a href=\"http:\/\/en.wikipedia.org\/wiki\/Community_Reinvestment_Act#cite_note-30years-4\">[5]<\/a><\/sup><\/p>\n<p>The Act instructs the appropriate federal financial supervisory agencies to encourage regulated financial institutions to help meet the credit needs of the local communities in which they are chartered, consistent with safe and sound operation (<a title=\"s:Community Reinvestment Act of 1977\" href=\"http:\/\/en.wikisource.org\/wiki\/Community_Reinvestment_Act_of_1977#Sec._802.\">Section 802.<\/a>) To enforce the statute, federal regulatory agencies examine banking institutions for CRA compliance, and take this information into consideration when approving applications for new\u00a0<a title=\"Branch (banking)\" href=\"http:\/\/en.wikipedia.org\/wiki\/Branch_(banking)\">bank branches<\/a>\u00a0or for\u00a0<a title=\"Mergers and acquisitions\" href=\"http:\/\/en.wikipedia.org\/wiki\/Mergers_and_acquisitions\">mergers or acquisitions<\/a><\/p>\n<p>Do you have a correction or valuable addition to the timeline? Context matters! <a title=\"Bitcoin Timeline Corrections\" href=\"https:\/\/histowiki.com\/history\/politics\/2703\/the-community-reinvestment-act-timeline-corrections-page\/\" target=\"_blank\" rel=\"noopener noreferrer\"> Click here and help this timeline&#8217;s curator get the history right!<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Did changes to the original CRA create the U.S. &#8220;Debt Bomb&#8221; as some claim? The\u00a0Community Reinvestment Act\u00a0(CRA,\u00a0Pub.L.\u00a095-128, title VIII of the\u00a0Housing and Community Development Act of 1977, 91\u00a0Stat.\u00a01147,\u00a012 U.S.C.\u00a0\u00a7\u00a02901\u00a0et seq.) is a\u00a0United States federal law\u00a0designed to encourage commercial\u00a0banks\u00a0and\u00a0savings associations\u00a0to help meet the needs of borrowers in all segments of their&#8230;<\/p>\n","protected":false},"author":32,"featured_media":3088,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[262,246,257],"tags":[],"_links":{"self":[{"href":"https:\/\/histowiki.com\/wp-json\/wp\/v2\/posts\/2345"}],"collection":[{"href":"https:\/\/histowiki.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/histowiki.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/histowiki.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/histowiki.com\/wp-json\/wp\/v2\/comments?post=2345"}],"version-history":[{"count":6,"href":"https:\/\/histowiki.com\/wp-json\/wp\/v2\/posts\/2345\/revisions"}],"predecessor-version":[{"id":3180,"href":"https:\/\/histowiki.com\/wp-json\/wp\/v2\/posts\/2345\/revisions\/3180"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/histowiki.com\/wp-json\/wp\/v2\/media\/3088"}],"wp:attachment":[{"href":"https:\/\/histowiki.com\/wp-json\/wp\/v2\/media?parent=2345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/histowiki.com\/wp-json\/wp\/v2\/categories?post=2345"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/histowiki.com\/wp-json\/wp\/v2\/tags?post=2345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}