Project Team: Three Blues Minerve Meriseme, Thomas Gutierrez and Arianna Pommells
T H E C O M M U N I T Y R E I N V E S T M E N T A C T O F 1 9 7 0 B Y : M I N E R V E M E R I S E M E T H O M A S G U T I E R R E Z A R I A N N A P O M M E L L S
• Federal Law. • Encourage credit unions to meet credit needs. What is the CRA? • Federal agencies • Assessments.
M A I N I D E A “We believe the community reinvestment act (CRA) must help all low to moderate income households, communities, and small businesses develop mutually beneficial banking relationships”
H i s t o r y • Prior to the CRA – other similar acts – a need for reform • Gale Cincotta – activist • Current CRA – new updates
Gale Cincotta Addressing the National Conference on Initiatives for Affordable Housing Photo by Paul L. Merideth
Why does it exist? • Before the CRA. • The New Deal and HOLC • Redlining • After the CRA. • Banks became incentivized • Directly faced redlining Photo from National Geographic
What Real Impact Has the CRA Had Since It Was Created? EFFECT FUTURE • Stopped Redlining • New change coming • Increased Loan amounts • Differences in regulator’s assessments. • Low, middle, and high
Why should we Care? • Increases the loan amount and wealth of many • Helps regulate banks • Ensures that no discrimination will be brought back • Ensures that businesses receive the help they deserve
Thank You!
Project Team: Three Blues Minerve Meriseme, Thomas Gutierrez and Arianna Pommells
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