metallic Wrote:
Nov 14, 2012 10:18 PM
It does periodically examine FDIC-backed banks, and issues them a CRA compliance rating. A highly-rated bank must meet the financing needs of as many community members as possible, and must not discriminate against racial and ethnic groups or certain neighborhoods. However, a bank will not receive a high rating unless it is also maintains "safe and sound banking practices." In other words, the CRA requires banks to lend to working-class families and people of color -- but only when those people have been deemed as creditworthy as anyone else.