Mark Willis Defends Record of Community Reinvestment Act

January 17, 2013 – Furman Center research fellow Mark Willis argued in a co-authored editorial Wednesday that the Community Reinvestment Act (CRA) did not encourage risky loan practices in the lead up to the financial crisis. The CRA, enacted in 1977 and intended to expand access to credit and reduce credit related discrimination, is a regular target of groups aiming to place greater responsibility for the mortgage crisis on government. The editorial was prompted by a recent National Bureau of Economic Research article that claims to make a case against law. To clear the record, the editorial was accompanied by a report which clearly refutes claims that the law supported risky loan practices. Read the editorial here.