Community Reinvestment Act Quiz

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Questions and Answers

What type of information is typically available as secondary information for Community Reinvestment Act assessment areas?

Local needs assessments and surveys of institution’s activities

Surveys of financial practices of low-income clientele and lending agreements by groups of local financial institutions

Completed questionnaires and surveys of financial practices of low-income clientele

Feasibility studies and appraisal information on specific neighborhoods (correct)

What is the primary aim of Community-Based Development or Financial Intermediaries?

Promote luxury real estate ventures

Provide financial support to high-income individuals or areas

Offer tax breaks to local financial institutions

Increase the economic standard of low-income individuals or areas (correct)

What can school boards do to update census information?

Collect data on property taxes in the area

Gather information on local government spending

Provide demographic information on the makeup of their student body (correct)

Conduct surveys on local businesses

What is a characteristic of the staff or decision-makers of Community-Based Development or Financial Intermediaries?

Likely to have a higher degree of staff that live outside of low-income areas they serve Signup and view all the answers

What is the primary focus of the provided text?

Economic development agencies and their role in the community Signup and view all the answers

What are some of the specific questions an examiner should consider when conducting an interview with economic development agencies?

Are there empowerment zones in the area and what incentives are offered? Signup and view all the answers

What is a key consideration for economic development agencies regarding affordable housing?

What priority is accorded to affordable housing Signup and view all the answers

What is one of the questions an examiner should ask to understand an organization's area of expertise and its role in the community?

What geographic areas does the organization serve Signup and view all the answers

What is a key demographic factor an examiner should inquire about when dealing with economic development agencies?

Roughly what percentage of your client base is very low- (defined as 25-50% of median area income), low-, moderate- or middle-income Signup and view all the answers

What type of zones should an examiner inquire about when dealing with economic development agencies?

Empowerment zones (EZs), enterprise communities (ECs), or Foreign Trade Zones (FTZs) Signup and view all the answers

What question would help an examiner understand an organization's historical involvement with low-income residents?

How much involvement by local residents and/or low-income residents was there initially Signup and view all the answers

What question would be most relevant to understanding an organization's representation on its Board?

Is there a Board of Directors and what is the representation on the Board Signup and view all the answers

When dealing with economic development agencies, what question would help an examiner understand if activity has been concentrated in specific areas?

Has activity been concentrated in a few areas. Which ones. Signup and view all the answers

What question would help an examiner understand if economic development is coordinated with housing officials?

Does the economic development agency also coordinate the housing program and monies for this jurisdiction. If not, is economic development coordinated with housing officials. Signup and view all the answers

Which type of organization is likely to provide information on low-income credit and quantitative information on housing values?

Local branch of HUD Signup and view all the answers

Which organization is likely to offer details on financing and lending mechanisms for programs they offer?

CDCs Signup and view all the answers

Which organization is likely to provide information on mortgage interest rate sheets and general economic conditions and trends in the assessment area(s)?

Local branch of USDA Signup and view all the answers

Which organization is likely to offer information on credit needs, issues or priorities for protected classes, and general perspectives on financial institutions in the assessment area(s)?

Local chapters of NAACP Signup and view all the answers

Which type of organization is likely to provide data and perspectives on local economic conditions?

Universities Signup and view all the answers

Which organization is likely to cover the existence of active SBA 504 programs, SBIC or SSBIC programs, and other public and private sources of financing available for small businesses and small farms in the assessment area(s)?

SBA local branches Signup and view all the answers

Which type of organization is likely to provide extensive and varied information covering a wide range of community development, economic, and financial aspects?

Non-profit organizations like CDCs Signup and view all the answers

Which organization is likely to offer specific project opportunities and information on underserved neighborhoods or areas?

HUD local branches Signup and view all the answers

Which type of organization is likely to provide qualitative information on financial institutions and practices of low-income individuals?

Church-based economic development programs Signup and view all the answers

Which organization is likely to offer nature and extent of small business activity, perspectives on financial institution efforts to provide financing and services to small businesses/small farms, and data and perspectives on local economic conditions?

Universities Signup and view all the answers

Study Notes

Community Reinvestment Act: Key Types of Organizations and Information Available

Government offices include local branches of Federal agencies such as HUD, SBA, EDA, and USDA, as well as non-profit organizations like CDCs and church-based economic development programs.
Information available from these sources includes low-income credit, quantitative information on housing values, and details on financing and lending mechanisms for programs they offer.
The types of information available from government offices encompass service and community development issues at the neighborhood level and qualitative information on financial institutions and practices of low-income individuals.
Specific project opportunities and information on underserved neighborhoods or areas are also available from government offices.
Secondary information available includes mortgage interest rate sheets, housing, small business, agriculture, and general economic conditions and trends in the assessment area(s).
Civil rights and consumer protection groups include organizations like open housing/fair housing organizations, local chapters of NAACP and Urban League, legal aid/legal services offices, and human relations commissions.
Business and labor groups include downtown and neighborhood merchants associations, chambers of commerce, and minority business advocacy groups.
Information available from these sources includes credit needs, issues or priorities for protected classes, and general perspectives on financial institutions in the assessment area(s).
Other potential contacts for information on local business and economic conditions include universities, research institutions, foundations, and hospitals or hospital extension programs.
The types of information available from these sources are diverse and include nature and extent of small business activity, perspectives on financial institution efforts to provide financing and services to small businesses/small farms, and data and perspectives on local economic conditions.
Available information also covers the existence of active SBA 504 programs, SBIC or SSBIC programs, and other public and private sources of financing available for small businesses and small farms in the assessment area(s).
The information available from these sources is extensive and varied, covering a wide range of community development, economic, and financial aspects.

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Description

Test your knowledge of the Community Reinvestment Act and its impact on community development, partnerships, and the role of financial institutions. This quiz covers topics such as current partnerships, development projects, feasibility studies, appraisal information, and local needs assessments.