what was the community reinvestment act of 1977?\na law taxing communities and giving that money to banks\na…

what was the community reinvestment act of 1977?\na law taxing communities and giving that money to banks\na law that gave money to people in low - income areas\na law that encouraged bank lending in low - income areas\na law taxing banks and lending that money to low - income people

what was the community reinvestment act of 1977?\na law taxing communities and giving that money to banks\na law that gave money to people in low - income areas\na law that encouraged bank lending in low - income areas\na law taxing banks and lending that money to low - income people

Answer

Answer:

C. A law that encouraged bank lending in low - income areas

Brief Explanations:

The Community Reinvestment Act of 1977 aimed to encourage banks to meet the credit needs of the communities in which they operate, especially low - income neighborhoods, by promoting lending in those areas.