Finance
The Community Reinvestment Act (CRA) requires banks and savings institutions to:
AReport mortgage data by race and income annually
BServe the credit needs of all communities in their service area, including low- and moderate-income neighborhoods✓ Correct
CReserve 10% of loan funds for first-time homebuyers
DProvide discounted rates to borrowers below median income
Explanation
The CRA requires banks and savings institutions to meet the credit needs of all the communities they serve, including low- and moderate-income areas. Regulators evaluate CRA performance when considering bank expansion applications.
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