As you know, the CRA requires banks to help meet the credit needs of the communities they are chartered to serve, including low- and moderate-income neighborhoods. Since its enactment, the CRA has helped channel capital into communities and, in the process, supported innovative and effective approaches to community development. We at the Federal Reserve take our CRA responsibilities seriously.
Turning to refinancing risk, you have sought to spread the auctions for refinancing adjustable-rate loans over the year as we agreed. This means that a smaller bond volume is refinanced at any given time. So if an auction is a failure and the number of investors is insufficient, this situation will be easier to manage.