The law that requires banks to make 'an affirmative effort' to meet the credit needs of individuals and businesses in their trade territories is called:
A)The Sarbanes-Oxley Act.
B)The Community Reinvestment Act.
C)The Equal Credit Opportunity Act.
D)The Truth in Lending Act.
E)None of the options is correct.

Question

Quizplus · Accepted Answer

The law that requires banks to make 'an affirmative effort' to meet the credit needs of individuals and businesses in their trade territories is called the Community Reinvestment Act. The Sarbanes-Oxley Act is a law that aims to protect investors by enhancing transparency and accountability of corporations. The Equal Credit Opportunity Act prohibits creditor discrimination based on race, color, religion, national origin, sex, marital status, age, or because someone receives public assistance. The Truth in Lending Act requires lenders to disclose the cost of credit to borrowers.

The Law That Requires Banks to Make 'An Affirmative Effort