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Community Reinvestment Act (CRA)

Enacted by Congress in 1977, the CRA encourages banks to help meet the credit needs of their communities for housing and other purposes, particularly in neighborhoods with low or moderate incomes, while maintaining safe and sound operations.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Canada Revenue Agency

The tax collection agency for the Canadian government. It is responsible for collecting all federal taxes derived from sources other than tariffs and associated fees. It also collects income taxes on behalf of all provinces except Quebec and provincial corporate taxes except for Alberta and Quebec. The CRA is also responsible for collecting the goods and services tax, which is the Canadian VAT. See also: IRS, Notice of seizure.

Community Reinvestment Act

A 1977 U.S. law encouraging banks and other lending agencies to extend credit to low and moderate income persons wishing to buy a home. The original contained no penalties, but prohibited lending institutions from discriminating against a potential homeowner based on where he/she lives. Regulatory changes in 1995 and legislative amendment in 1999 are often blamed for encouraging banks to make excessively risky loans in exchange for the ability to offer investment and insurance services. Because of this, some believe the CRA is responsible for the housing bubble that contributed to the recession that began in 2008. See also: Credit Crunch, Gramm-Leach-Bliley Act

Credit Rating Agency

A company that provides investors with assessments of an investment's risk. The issuers of investments, especially debt securities, pay credit rating agencies to provide them with ratings. A high rating indicates low risk and may therefore encourage investors to buy a security. Additionally, banks may only invest in securities with a high rating from two or more credit rating agencies. The SEC recognizes 10 firms as credit rating agencies; Fitch, S&P, and Moody's are the three most prominent. However, the methods of credit ratings agencies have been subject to criticism. For example, most agencies gave high-risk mortgage-backed securities top ratings until they defaulted at the collapse of the housing bubble.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved


See credit reporting agency and Community Reinvestment Act.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
British-Malaysian actor Henry Golding, who played heartthrob bachelor Nick Young in 'CRA', shared the photo on Instagram with a touching message.
Anyone residing in Qatar can request a CRA inspection if they suspect a business is selling or using unauthorised radio and telecommunication equipment at any location in the country.
RIM professionals who attain the CRA will potentially be on the path to attaining the CRM designation.
Conclusions: CRA inhibited inflammation with improvement in adipose tissue dysfunction and ameliorated insulin resistance in an AMPK-dependent manner.
The new IOSCO CRA Code is intended to work in harmony with CRA registration and oversight programs, and to continue operating as the international standard for CRA self-governance.
The CFA boss is said to favour dismantling the CRA as a means to placate public opinion.
Fix obvious problems - Now that the CRA is classifying taxpayers according to risk--and devoting more audit resources to higher-risk taxpayers--consider addressing recurring issues now before your audit is even on the horizon to help reduce your CRA risk score.
use a different test to determine the CRA's effect.
However, of the 50 company meetings with CRA, only one taxpayer's risk profile was downgraded by the CRA.
It has been used successfully on metallurgically bonded CRA pipes (where the CS/CRA interface is flat) as well as CRA weld overlay (where undulations are caused by the weld passes).
Carla Brodley, AAAI CRA Liaison, reported on recent CRA Board activities.
Throughout the month, staff and board members of the city's Community Redevelopment Agency (CRA) will interact with the public in an effort to increase awareness of the agency and its initiatives.