State Community Reinvestment Act
Rationale
The Community Reinvestment Act (CRA) of 1977 states that financial institutions have an obligation to lend funds in locations where deposits are made, therefore requiring banks to lend back to all the communities that make deposits. This act encouraged lending to underserved communities and, as a result, enhanced credit provision to low- and moderate-income earners. Although this is federal legislation, similar legislation exists at the state level and applies to state-chartered banks.
About Measure
States that have enacted CRA legislation covering state-chartered banks (as of 2002).
Source
Source: Goldberg, D., Center for Community Change (Personal communication, March 2002). Washington D.C.
| State | Enacted |
|---|---|
| Alabama | No |
| Alaska | No |
| Arizona | No |
| Arkansas | No |
| California | No |
| Colorado | No |
| Connecticut | No |
| Delaware | No |
| Florida | No |
| Georgia | No |
| Hawaii | No |
| Idaho | No |
| Illinois | No |
| Indiana | No |
| Iowa | No |
| Kansas | No |
| Kentucky | No |
| Louisiana | No |
| Maine | No |
| Maryland | No |
| Massachusetts | Yes |
| Michigan | No |
| Minnesota | No |
| Mississippi | No |
| Missouri | No |
| Montana | No |
| Nebraska | No |
| Nevada | No |
| New Hampshire | No |
| New Jersey | No |
| New Mexico | No |
| New York | Yes |
| North Carolina | No |
| North Dakota | No |
| Ohio | No |
| Oklahoma | No |
| Oregon | No |
| Pennsylvania | No |
| Rhode Island | No |
| South Carolina | No |
| South Dakota | No |
| Tennessee | No |
| Texas | No |
| Utah | No |
| Vermont | No |
| Virginia | No |
| Washington | No |
| West Virginia | No |
| Wisconsin | No |
| Wyoming | No |
