Democratic (socialist/fascist) President Carter signs the Community Reinvestment Act, requiring commercial banks and savings and loan associations to extend loans to borrowers that under voluntary circumstances they would not consider to be a good credit risk.

       Postscript: These local loan requirements resulted in the closure many branches in impoverished areas, denying banking services to many, thus giving rise to an explosion of “currency exchanges,” which make “pay day” loans at usurious interest rates.

       [restored 11/20/2022] Thanks to Freedom’s Phoenix and Chuck McGlawn for this entry.