| BUSINESS DICTIONARY |
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| [C] commodity prices An index of commodities (such as oil and steel) traded in worldwide markets. 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. Community Reinvestment Act Statement A description available for public inspection at each bank office indicating, on a map, the communities served by that office and the types of credit the bank is prepared to extend within the communities served. competitive bidders One of two categories of bidders on Treasury securities: competitive and noncompetitive. Competitive bidders are usually financial institutions. Comptroller of the Currency See Office of the Comptroller of the Currency. consortium A grouping of corporations to fulfill a combined objective or project that usually requires interbusiness cooperation and sharing of the goods. Consumer Advisory Council - CAC A statutory body established by Congress in 1976. The Council, with 30 members who represent a broad range of consumer and creditor interests, advises the Federal Reserve Board on the exercise of its responsibilities under the Consumer Credit Protection Act and on other matters on which the Federal Reserve Board seeks its advice. consumer price index - CPI A measurement of the cost of living determined by the Bureau of Labor Statistics. contractionary fiscal policy A policy to increase governmental spending and/or a reduction in taxes. See also fiscal policy. contractionary monetary policy A policy to restrict the growth of money and credit in the economy. See also monetary policy. contemporaneous reserve accounting An accounting method that allows member banks of the Federal Reserve a one-day lag when calculating their required reserves and reserves held as vault cash. Except for the one-day lag, assets and liabilities used in calculating reserves and required reserves are those of the same week. correspondent bank A bank that accepts deposits of and performs banking services for other depository institutions. cosigner A term referring to a person, other than the principle borrower, who signs for a loan. The cosigner(s) assumes equal liability for the loan. credit The promise to pay in the future in order to buy or borrow in the present. The right to defer payment of debt. |
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