Posted by on October 25, 2002

Have Banks, After 25 Years, Made Peace with the Community Reinvestment Act?

When Congress enacted the Community Reinvestment Act of 1977 (CRA), many financial institutions bristled at the thought of additional regulatory oversight, particularly when it would require the industry to lend to low-and moderate-income neighborhoods. In the 25 years since its enactment, does the CRA still inspire resistance from banks? Given its turbulent beginning, how effective has the CRA been and how can it be improved? Wharton finance lecturer Ken Thomas examines these issues in a new paper entitled, ?CRA?s 25th Anniversary: The Past, Present and Future.?

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