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| Topic: |
Business
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| Number of pages / Number of words: |
4 / 897 |
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In 1977, the Community Reinvestment Act prohibited U.S. banks from discrimination against a customer based on their location of residence. The Competitive Equality in Banking Act (1987) and the Truth in Savings Act (1991), required banks to more fully disclose information on their deposit policies and true rates of return...
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Regulations also require a bank be evaluated on its record of community development services. In 1999, Bank Boston was cited for corporate achievement in Employee and Community Relations and given the Ron Brown Award for Corporate Leadership, the only such presidential award. The social responsibility laws did much toward ensuring the rights of bank customers and the public, but each law passed had the effect of increasing bank-operating costs...
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