Finance
The Community Reinvestment Act (CRA) requires federally insured banks to:
AOffer loans only to community members
BMeet the credit needs of all segments of their communities, including low-and moderate-income neighborhoods✓ Correct
CReinvest all profits in the local community
DOnly make loans within a 50-mile radius of their headquarters
Explanation
The CRA requires federally insured financial institutions to help meet the credit needs of all communities in which they operate, including low- and moderate-income neighborhoods, countering redlining practices.
Related Idaho Finance Questions
- A VA loan is available to eligible borrowers and is guaranteed by:
- A conventional loan with less than 20% down payment typically requires:
- Idaho's deed of trust foreclosure process is known as:
- In Idaho, what is a 'seller carryback' or 'seller financing' arrangement?
- A homebuyer's debt-to-income (DTI) ratio compares their:
- The Home Mortgage Disclosure Act (HMDA) requires lenders to:
- A 'jumbo loan' is a mortgage that:
- What is 'equity' in a residential property in Idaho?
Practice More Idaho Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Idaho Quiz →