Federal Reserve Bank of San Francisco

Community Development

The Community Reinvestment Act and the Recent Mortgage Crisis

Author(s):

February 2009

Community Development Investment Review

The Federal Reserve, together with the other federal financial regulatory agencies, has had some experience in addressing the credit needs of underserved communities, using the Community Reinvestment Act (CRA) as our guide. The CRA encourages financial institutions not only to extend mortgage, small business, and other types of credit to lower-income neighborhoods and households, but also to provide investments and services to lower-income areas and people as part of an overall effort to build the capacity necessary for these places to thrive.

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