Banking has changed considerably since the Community Reinvestment Act (CRA) was passed in 1977, and updates to its implementing regulation in the mid-1990s were soon outdated. In 2015 the agencies responsible for regulating banks subject to CRA requirements (CRA banks) began to update the law yet again. This report uses Woodstock Institute’s annual Community Lending Fact Book data of mortgage lending in Chicago from 1984 to 2019 as a proxy to evaluate whether the CRA has achieved its goal of closing the gap in lending disparities.
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