What is CRA Fair lending?

What is CRA Fair lending?

Reinvestment Act and Fair Lending Laws CRA evaluations analyze a financial institution’s lending performance, including the volume and type of lending provided to all income levels and businesses and farms of all sizes.

What is the definition of fair lending?

What is fair lending? Fair lending prohibits lenders from considering your race, color, national origin, religion, sex, familial status, or disability when applying for residential mortgage loans. Fair lending guarantees the same lending opportunities to everyone.

Is CRA part of fair lending?

Lawmakers passed several bills collectively known as the fair lending laws and, later, the Community Reinvestment Act (CRA) to create a regulatory framework for making credit more accessible to individuals and communities without unfair biases.

What CRA means?

The Canada Revenue Agency (CRA) administers tax laws for the Government of Canada and for most provinces and territories, and administers various social and economic benefit and incentive programs delivered through the tax system. Minister of National Revenue.

What is CRA mandate?

Mandate – Contributing to Canadians’ Economic and Social Well-being. The Canada Revenue Agency ( CRA )’s mandate is to: administer tax, benefits, and related programs, and to ensure compliance on behalf of governments across Canada, thereby contributing to the ongoing economic and social well-being of Canadians.