In recent years, under the Community Reinvestment Act, lenders have been forced to lend to low-income borrowers in the communities where they take deposits before they can receive governmental approval to merge with a bank in another state.

Question

Quizplus · Accepted Answer

This statement correctly describes the requirements of the Community Reinvestment Act. Under this law, banks must demonstrate their commitment to meeting the credit needs of low- and moderate-income communities in their service areas in order to receive regulatory approval for mergers and acquisitions. This includes providing access to affordable credit and banking services to underserved populations.

In Recent Years, Under the Community Reinvestment Act, Lenders Have