The CRA within a Changing Financial Landscape


Robert B. Avery, Federal Reserve Board of Governors; Marsha J. Courchane, Charles River Associates, International; and Peter M. Zorn, Freddie Mac

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Volume 4, Issue 1 | February 1, 2009

The financial landscape has changed significantly since the passage of the Community Reinvestment Act (CRA) in 1977. In this paper we provide an overview of how these changes have affected the coverage of the CRA, the structure of CRA-regulated institutions, and their effectiveness in meeting the goals of the CRA. By design and necessity we take a broad approach. In so doing, we hope to provide a useful contextual background for the other articles in this volume that focus on changes in the CRA’s implementing regulations, and more specific aspects of the CRA, its coverage and effectiveness.