The Community Reinvestment Act requires banks to “meet the need for credit services” within their market; to act as financial intermediaries and lend money to the communities they serve.
The major source of income for banks is the interest revenue generated by the loans they make, and CRA gives banks the responsibility of marketing loan services to all segments of the community. Not only is this good banking, it is profitable banking.
So why do many bankers have a negative perception of CRA?
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| Revised_ACB_Article-0206 CRA2.pdf | 809.65 KB |
