Question

Why was the Community Reinvestment Act of 1977 initially considered

successful?
A. It increased home ownership in low-income areas.
B. It decreased the opportunity gap between low- and high-income
areas.
C. It improved parks and services in low-income areas.
D. It decreased inequality between low- and high-income areas.

Answer 1

Congress enacted the Community Reinvestment Act (CRA) in 1977 to encourage banks and thrift institutions to “serve the convenience and needs of the communities in which they are chartered to do business,” including low- and moderate-income (LMI) communities, and to do so in a manner “consistent with the safe and sound