The Community Reinvestment Act (CRA) is a remarkable law. Not only does it prohibit discrimination against working class and minority neighborhoods, it also imposes an affirmative obligation on banks to serve these communities. It is not good enough for a bank to establish branches and passively wait for customers to walk into branches.Instead, banks must proactively assess community needs, conduct marketing and outreach campaigns in all communities, and consult with community stakeholders in developing financing options for affordable housing and economic development activities.
