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Indian Country houses thriving business owners and strong communities, but the majority of of their organizations and households find it difficult to access affordable credit. 1 The Community Reinvestment Act (CRA)—a 1977 federal legislation that needs banks to meet up community credit needs—may assist. The Federal Reserve is presently soliciting feedback from people on proposed, major modifications to the CRA. 2 Here, we examine popular features of the CRA’s present execution framework with a watch toward just just how it might probably improve use of credit in Indian Country.
Who was the CRA designed to help?
Congress passed the CRA as a result to lending that is unfair like redlining, where loan providers declined which will make loans in entire neighborhoods. Continuer la lecture de « Examining the CRA’s potential to improve lending in Indian Country »