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Community Reinvestment Act (CRA) Exam Questions & Answers 2024/2025 $7.99   Add to cart

Exam (elaborations)

Community Reinvestment Act (CRA) Exam Questions & Answers 2024/2025

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Community Reinvestment Act (CRA) Exam Questions & Answers 2024/2025 The wholesale or limited-purpose institution performance standard only applies to institutions that do not provide full retail services. - ANSWERST A copy of the public sections of your institution's CRA performance evaluat...

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  • September 18, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Community Reinvestment Act
  • Community Reinvestment Act
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Bensuda
Community Reinvestment Act (CRA)
Exam Questions & Answers 2024/2025

The wholesale or limited-purpose institution performance standard only applies to institutions that do
not provide full retail services. - ANSWERST



A copy of the public sections of your institution's CRA performance evaluation must be available at: -
ANSWERSAll branches, including the main office



Your institution's record of taking action (if warranted) in response to written complaints about its
performance in helping to meet the credit needs in its assessment area is known as: -
ANSWERSResponse to complaints



"Moderate income" is defined as an individual or family income that ranges between 30% and 50% of
the area median income. - ANSWERSF



A CRA rating of "less than satisfactory" can result in a(n): - ANSWERSDenial of mergers



Your institution is allowed to have more than one assessment area. - ANSWERST



It's a good idea for every branch employee to be able to direct consumers to the: - ANSWERSPosted CRA
notice

Branch public file

Location of the complete public file

**All of the above



The top performance rating that can be assigned to your institution is: - ANSWERSOutstanding



Your institution must place the public section of its most recent CRA performance evaluation in its public
files. - ANSWERST

, Community development and reinvestment helps revitalize neighborhoods by providing access to money
and development. - ANSWERST



The purpose of the CRA is to evaluate an institution's efforts in meeting the ______ needs of its local
communities. - ANSWERSCredit



All contact employees should know the procedure for a consumer to request a copy of their institution's
complete public file. - ANSWERST



The worst CRA rating that your institution can receive is: - ANSWERSSubstantial noncompliance



For CRA examination purposes, your institution's assessment areas must include geographical area(s)
that include its: - ANSWERSMain office

Branches

Deposit-taking ATMs

**All of the above



"Low income" is defined as an individual or family income that is less than 50% of the area median
income. - ANSWERST



CRA assessment areas can consist of more than one metropolitan statistical area (MSA). - ANSWERST



All of the following are separate tests under the large institution performance standard EXCEPT: -
ANSWERSCommunity Development



All of the following agencies regulate the requirements of the CRA, EXCEPT the: - ANSWERSNational
Credit Union Administration (NCUA)



Your institution may exclude confidential information when supplying a copy of its strategic plan to its
public file. - ANSWERST

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