In which decade was the Community Reinvestment Act enacted?

In which decade was the Community Reinvestment Act enacted?

• A. 1960s
• B. 1970s
• C. 1980s
• D. 1990s

Answer: (B)

The key point is when the Community Reinvestment Act was created to curb redlining and require banks to meet the credit needs of the communities they serve. It was enacted in 1977, placing it in the 1970s. This act came out of 1970s efforts to expand fair access to financial services and was designed to be enforced by federal banking regulators as banks grew their loan and branch activities in local communities. It isn’t from the 1960s, and while there were later amendments and developments in the 1980s and 1990s, the original enactment occurred in the 1970s.

The key point is when the Community Reinvestment Act was created to curb redlining and require banks to meet the credit needs of the communities they serve. It was enacted in 1977, placing it in the 1970s. This act came out of 1970s efforts to expand fair access to financial services and was designed to be enforced by federal banking regulators as banks grew their loan and branch activities in local communities. It isn’t from the 1960s, and while there were later amendments and developments in the 1980s and 1990s, the original enactment occurred in the 1970s.