All of the following are accurate statements specific to the Community Reinvestment Act (CRA) EXCEPT: O The CRA is an act of Congress enacted in 1977 with the intention of encouraging depository institutions to help meet the credit needs of surrounding communities. The CRA requires federal regulators to assess the record of each bank or thrift in helping to fulfill its obligations to the community. Data obtained from banks and thrifts is used in evaluating applications for future approval of bank mergers, charters, acquisitions, branch openings and deposit facilities. The CRA is focused on middle to upper income neighborhoods.

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