As a part of the sweeping legislation that has become known as the Financial Modernization Act, a compromise between the House and Senate has been reached. However, the largest part of the compromise was a debate over the future of the Community Reinvestment Act.

The original CRA, which was passed in 1977, required financial institutions to extend loans to low and moderate income families and minorities in cities where they were located. These institutions have since revised many of their underwriting practices and made lending standards more flexible.

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