asked 35.2k views
2 votes
The Community Reinvestment Act (CRA) requires that financial institutions do not discriminate on a prohibited basis.

A. True
B. False

asked
User Njtman
by
8.1k points

1 Answer

2 votes

Final answer:

The Community Reinvestment Act (CRA) requires that financial institutions do not discriminate on a prohibited basis. This statement is true.

Step-by-step explanation:

The Community Reinvestment Act (CRA) requires that financial institutions do not discriminate on a prohibited basis. This statement is True. The CRA is a federal law that was passed in 1977 to prevent redlining, which is the practice of denying loans or other financial services to certain neighborhoods based on their racial or ethnic composition. The law requires banks to meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods, without discrimination based on race, color, religion, national origin, sex, marital status, or age.

answered
User Talkitbr
by
8.2k points
Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.