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Community Reinvestment ActThe Community Reinvestment Act of 1977 requires federal agencies to encourage depository financial institutions to help meet the credit needs of their communities, including low and moderate income neighborhoods. The regulatory agencies assess the institution's records of meeting those credit needs by preparing a written evaluation of the institutions and assigning a rating with facts supporting the conclusions. Such ratings shall be disclosed to the public for examinations beginning July 1, 1990.
The Act also requires regulatory agencies to consider an institution's record of helping to meet community credit needs when evaluating certain corporate applications, such as permission to establish a branch, to relocate a branch or home office, or to merge.
For more information on federal credit regulations and consumer rights visit the Federal Trade Commission (FTC) website at www.ftc.gov or www.federalreserve.gov
Some state laws may provide you with additional rights. For information go to the website of the National Association of Attorneys General (NAAG) at www.naag.org.
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