Which of the following must a "large" bank maintain as part of its CRA program?
Click on the arrows to vote for the correct answer
A. B. C. D.B
The Community Reinvestment Act (CRA) requires banks to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods. The law aims to encourage banks to lend money to individuals and businesses in these areas, which may otherwise be overlooked due to their financial circumstances.
As part of a bank's CRA program, they must maintain various records to demonstrate their compliance with the law. In the given options, only option B is correct - a bank must maintain a description of its assessment area, written comments and responses, and the public portion of the regulator's most recent CRA performance evaluation.
Option A is incorrect because while a bank may maintain a listing of director, officer, and employee community involvement, and a listing of loans made to low- and moderate-income individuals, it is not a requirement under the CRA.
Option C is incorrect because a bank must maintain a copy of the bank's CRA Notice and the bank's most recent five years of CRA disclosure statements, but this alone is not sufficient to meet the CRA program requirements.
Option D is incorrect because while a bank may keep a comprehensive record of all CRA-related training completed by employees during the past two years, this is not a requirement under the CRA program.
In summary, a "large" bank must maintain a description of its assessment area, written comments and responses, and the public portion of the regulator's most recent CRA performance evaluation as part of its CRA program.