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The Office of the Comptroller of the Currency (OCC) recently released a final rule strengthening and modernizing the agency’s regulations under the Community Reinvestment Act (CRA). The CRA was enacted in 1977 to encourage insured depository institutions to help meet the credit needs in their local communities, including low- and moderate-income neighborhoods. It was created as a reaction to the practice of redlining, where banks avoided making loans to low-income neighborhoods.
