When was the Community Reinvestment Act enacted?

The Community Reinvestment Act (CRA) was enacted in 1977 as a response to the growing concern over urban decay and disinvestment in low and moderate-income neighborhoods. The primary purpose of the CRA is to encourage banks and other financial institutions to meet the credit needs of all segments of their communities, including those areas that have been historically underserved.

The act requires federal regulators to assess the lending practices of banks and their commitment to serving the needs of their communities, particularly in terms of home loans, small business loans, and community development initiatives. This legislation was a significant step towards fostering equitable access to financial services and is often referenced in discussions about fair lending practices and community investment today.

Understanding the CRA's passage in 1977 is crucial for grasping the broader context of financial regulation and community development efforts in the United States during that time.