The act also charged the federal bank regulatory agencies, including the Federal Reserve, with implementing the CRA through regulations and with examining banks and thrifts to determine whether they meet their CRA obligations. The CRA presents an interesting case study of a regulatory regime that has evolved to adjust to changes in the economic, financial, and social environment.
Since the CRA's enactment, the implementing regulations have been substantially amended three times--in 1989, 1995, and 2005. In each case, changes to the regulations reflected both experience gained in the implementation of the law as well as ongoing developments in financial markets and the economy.