In which year was the Community Reinvestment Act enacted?

In which year was the Community Reinvestment Act enacted?

• A. 1968
• B. 1980
• C. 1977
• D. 1992

Answer: (C)

The Community Reinvestment Act was enacted in 1977. This law was created to address redlining by requiring banks to meet the credit needs of all the communities in which they operate, including low- and moderate-income neighborhoods. It established a system for federal regulators to evaluate how well banks serve their communities, influencing approvals for mergers, deposits, and expansions. The other years correspond to different milestones in civil rights and housing laws (for example, the Fair Housing Act was enacted in 1968), so 1977 is the correct year.

The Community Reinvestment Act was enacted in 1977. This law was created to address redlining by requiring banks to meet the credit needs of all the communities in which they operate, including low- and moderate-income neighborhoods. It established a system for federal regulators to evaluate how well banks serve their communities, influencing approvals for mergers, deposits, and expansions. The other years correspond to different milestones in civil rights and housing laws (for example, the Fair Housing Act was enacted in 1968), so 1977 is the correct year.