Finance
Under the Community Reinvestment Act (CRA), banks are required to:
AOffer below-market interest rates to first-time buyers
BMeet the credit needs of all segments of their communities, including low-income areas✓ Correct
CApprove all loan applications from minorities
DLimit lending to borrowers with credit scores above 700
Explanation
The CRA requires federally regulated financial institutions to meet the credit needs of their entire community, including low- and moderate-income neighborhoods, to prevent redlining and discriminatory lending practices.
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