Can CRA Be Modernized and Still Serve its Original Purpose?
There has been a lot of talk about modernizing the Community Reinvestment Act (CRA) that become law in 1977 but is ill-suited to the mobile and internet banking age. At issue is how the CRA was originally written. The law has assessed lending at banks based on their branch locations and headquarters. But as online banking has grown and more branches close, assessing a bank based on its branch locations has become outdated. However, many are against any change that would encourage banks to continue to close branches particularly in underserved communities. Source.