The Community Reinvestment Act or CRA is a United States Federal law that obligates banks to meet the credit needs of low- and moderate-income (“LMI”) people and areas in each community where the bank has a branch or conducts business. Large banks (with assets over $1.2 billion) must also provide community development investments and services in the area where they conduct business.
Watch this helpful video from the Federal Reserve to learn more:
Leave A Comment?
You must be logged in to post a comment.