Finance
The Community Reinvestment Act (CRA) requires banks to:
ACharge the same interest rates to all borrowers
BMeet the credit needs of their entire community, including low- and moderate-income areas✓ Correct
CRefuse mortgage applications from outside their service area
DReport all mortgage applications to HUD annually
Explanation
The CRA requires banks and savings institutions to meet the credit needs of the communities they serve, including low- and moderate-income neighborhoods, while maintaining safe and sound operations.
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