Finance
In Michigan, the Community Reinvestment Act (CRA) requires federally regulated lenders to:
ALend exclusively in low-income areas
BDemonstrate they are meeting the credit needs of their entire community, including low- and moderate-income neighborhoods✓ Correct
CReport all loan denials to EGLE
DProvide free financial counseling to all applicants
Explanation
The CRA requires federally insured depository institutions to help meet the credit needs of the communities they serve, including low- and moderate-income neighborhoods, and regulators assess performance in periodic examinations.
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