The St Louis Contrarian

Providing Independent and Intelligent Insight on St. Louis Public Policy Issues

Archive for the tag “community reinvestment act”

Community Reinvestment Act

The Community Reinvestment Act was a piece of legislation passed in the seventies which has had a very positive effect on urban development. This law required all regulated financial institutions to lend in non traditional areas and develop underwriting standards to allow this to happen. It has resulted in millions of minorities and minority communities receiving home loans. The program has also made money for banks and contrary to conservative ideology was not the cause of the housing collapse.

The Trump administration is trying to weaken the law. With everything else going on, this has not received much attention. We should be paying attention to this whole issue. Written by Paul Dribin

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