Finance
Under the Community Reinvestment Act (CRA), Connecticut banks are required to:
AApprove all mortgage applications from minority applicants
BMeet the credit needs of their entire communities, including low- and moderate-income neighborhoods, consistent with safe and sound banking✓ Correct
CProvide free checking accounts to low-income customers
DMaintain a minimum 30% mortgage portfolio in affordable housing loans
Explanation
The CRA requires banks to serve the credit needs of all communities in their assessment areas, including low- and moderate-income neighborhoods. Regulators assess CRA performance and can consider it when banks apply for mergers, acquisitions, or new branches.
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