The CRA, first passed in 1977, encourages insured depository institutions to meet the credit needs of the communities in which they are chartered, including LMI neighborhoods, consistent with the safe and sound operation of such institutions.9 The CRA was designed to address past abuses of financial institutions, such as redlining.
The CRA sends the unequivocal message that there is no place for discrimination in the financial system, and that every community and every borrower deserve to be treated fairly.