The Community Reinvestment Act is designed primarily to: A. Require banks to make low interest rate loans.
B. Finance urban renewal projects.
C. Require banks to meet the needs of all residents in the neighborhoods.
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The Community Reinvestment Act is designed primarily to: A. Require banks to make low interest rate loans.
B. Finance urban renewal projects.
C. Require banks to meet the needs of all residents in the neighborhoods.
The correct answer is C. Require banks to meet the needs of all residents in the neighborhoods.
The Community Reinvestment Act (CRA) was enacted to encourage financial institutions to help meet the credit needs of all communities, particularly in low- and moderate-income neighborhoods. It aims to prevent discriminatory lending practices and to ensure that banks are active participants in improving their local communities by providing adequate access to banking services and loans for all residents.