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The Community Reinvestment Act (CRA, P.L. 95-128, 91 Stat. 1147, title VIII of the Housing and Community Development Act of 1977, 12 U.S.C. § 2901 et seq.) is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods.
(A) IN GENERAL.—If a foreign bank acquires a bank or a branch of a bank, in a State in which the foreign bank does not maintain a branch, and such acquired bank is, or is part of, a regulated financial institution (as defined in section 803 of the Community Reinvestment Act of 1977), the Community Reinvestment Act of 1977 shall continue to ...
[citation needed] It required the agencies to issue Community Reinvestment Act (CRA) ratings publicly and do written performance evaluations using facts and data to support the agencies' conclusions. It also required a four-tiered CRA examination rating system with performance levels of "Outstanding," "Satisfactory," "Needs to Improve," or ...
[17] The culmination of Cincotta's activism was the Community Reinvestment Act (CRA) of 1977. Through her roles with the NTIC and NPA, Cincotta pushed for the passage of the CRA, and earned the appellation "Mother of the CRA." [11] In 1977, President Jimmy Carter appointed Cincotta to the National Commission on Neighborhoods.
New Community Reinvestment Act regulations break down home-loan data by neighborhood, income, and race; encourage community groups to complain to banks and regulators by allowing community groups that marketed loans to collect a brokers fee; [23] Fannie Mae allowed to receive affordable housing credit for buying subprime securities. [21]
The goal is investing in organizations that are trusted in Hartford’s Latino community, and ensuring resources are going to those who need them most. To accomplish this, the multi-state Latino ...
One study, by a legal firm which counsels financial services entities on Community Reinvestment Act compliance, found that CRA-covered institutions were less likely to make subprime loans (only 20–25% of all subprime loans), and when they did the interest rates were lower. The banks were half as likely to resell the loans to other parties. [114]
The Neighborhood Reinvestment Corporation, doing business as NeighborWorks America, is a congressionally chartered nonprofit organization that supports community development in the United States and Puerto Rico. The organization provides grants and technical assistance to more than 240 community development organizations.