CRA stands for multiple terms and concepts, and can have different meanings depending on the context. Below, you will find a 200-word dictionary definition of CRA for three common uses of the acronym:
1. CRA - Community Reinvestment Act: The Community Reinvestment Act is a United States federal law enacted in 1977, aimed at promoting financial institutions' commitment to meet the credit needs of the communities they serve, particularly low-income neighborhoods. Under the CRA, banks and other depository institutions are required to help meet the credit needs of their communities, including lending, investment, and services to improve access to finance. CRA compliance is supervised by regulatory agencies, such as the Office of the Comptroller of the Currency, the Federal Reserve, and the Federal Deposit Insurance Corporation.
2. CRA - Canada Revenue Agency: The Canada Revenue Agency is the federal agency responsible for administering and enforcing tax laws in Canada. As the country's principal tax collection agency, the CRA is responsible for various tasks, including processing tax returns, collecting taxes owed, administering social and economic benefit programs, and providing information and guidance on tax matters to individuals, businesses, and charities.
3. CRA - Cooperative Research Agreement: A Cooperative Research Agreement (CRA) refers to a legal agreement between multiple entities, typically universities, public institutions, and private organizations, to collaborate on a research project. A CRA outlines the objectives, scope, responsibilities, and financial terms of the collaborative effort. Such agreements facilitate the sharing of resources, knowledge, and expertise, promoting innovation and scientific progress across disciplines and institutions. CRAs can cover a wide range of scientific fields, including medical research, technology development, environmental studies, and more.
