COMMUNITY REINVESTMENT ACT (CRA) (LATEST
UPDATE) REAL QUESTIONS AND VERIFIED ANSWERS
|100% CORRECT | ALREADY GRADED
The wholesale or limited-purpose institution performance standard only
applies to institutions that do not provide full retail services. Ans✓✓✓ T
A copy of the public sections of your institution's CRA performance
evaluation must be available at: Ans✓✓✓ All 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: Ans✓✓✓ Response to
complaints
"Moderate income" is defined as an individual or family income that
ranges between 30% and 50% of the area median income. Ans✓✓✓ F
A CRA rating of "less than satisfactory" can result in a(n): Ans✓✓✓
Denial of mergers
Your institution is allowed to have more than one assessment area.
Ans✓✓✓ T
It's a good idea for every branch employee to be able to direct
consumers to the: Ans✓✓✓ Posted 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:
Ans✓✓✓ Outstanding
Your institution must place the public section of its most recent CRA
performance evaluation in its public files. Ans✓✓✓ T
Community development and reinvestment helps revitalize
neighborhoods by providing access to money and development.
Ans✓✓✓ T
The purpose of the CRA is to evaluate an institution's efforts in meeting
the ______ needs of its local communities. Ans✓✓✓ Credit
All contact employees should know the procedure for a consumer to
request a copy of their institution's complete public file. Ans✓✓✓ T
The worst CRA rating that your institution can receive is: Ans✓✓✓
Substantial noncompliance
For CRA examination purposes, your institution's assessment areas must
include geographical area(s) that include its: Ans✓✓✓ Main office
UPDATE) REAL QUESTIONS AND VERIFIED ANSWERS
|100% CORRECT | ALREADY GRADED
The wholesale or limited-purpose institution performance standard only
applies to institutions that do not provide full retail services. Ans✓✓✓ T
A copy of the public sections of your institution's CRA performance
evaluation must be available at: Ans✓✓✓ All 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: Ans✓✓✓ Response to
complaints
"Moderate income" is defined as an individual or family income that
ranges between 30% and 50% of the area median income. Ans✓✓✓ F
A CRA rating of "less than satisfactory" can result in a(n): Ans✓✓✓
Denial of mergers
Your institution is allowed to have more than one assessment area.
Ans✓✓✓ T
It's a good idea for every branch employee to be able to direct
consumers to the: Ans✓✓✓ Posted 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:
Ans✓✓✓ Outstanding
Your institution must place the public section of its most recent CRA
performance evaluation in its public files. Ans✓✓✓ T
Community development and reinvestment helps revitalize
neighborhoods by providing access to money and development.
Ans✓✓✓ T
The purpose of the CRA is to evaluate an institution's efforts in meeting
the ______ needs of its local communities. Ans✓✓✓ Credit
All contact employees should know the procedure for a consumer to
request a copy of their institution's complete public file. Ans✓✓✓ T
The worst CRA rating that your institution can receive is: Ans✓✓✓
Substantial noncompliance
For CRA examination purposes, your institution's assessment areas must
include geographical area(s) that include its: Ans✓✓✓ Main office
