A Green Light for Banks to Start ‘Redlining’ Again
“The Community Reinvestment Act was passed in 1977 to end this practice of ‘redlining,’ by requiring banks to lend money in the communities where they are chartered to do business or receive deposits. Banks have made nearly $2 trillion in small-business and community development loans since 1996, according to our calculations, to meet the requirements of the law. That’s an impressive record.”