Alphabet Soup
AMI
What is Area Median Income?
3.28% and 7.66%
What is the current applicable tax credit %?
Act that encourages financial institutions to help meet the credit needs of their communities, including low- and moderate-income neighborhoods.
What is the CRA of 1977?
The month and year CFG became a fully independent publicly traded company.
What is November 2015?
This person has one of the longest titles in government and serves as the administrator of the US banking system.
Who is Joseph Otting (Chief Officer of the Comptroller of the Currency)?
EGI
What is Effective Gross Income?
99.99%
What is the ownership percentage of the tax credit investor limited partner?
They develop strategic initiatives to promote financial literacy, home ownership, and access to mainstream bank products and services for low to moderate income individuals and those underserved by mainstream financial institutions.
What is a Community Development Market Manager?
To help our customers, colleagues and communities reach their potential.
What is Citizens Mission Statement?
The 3 primary “tests” large banks are subjected to during a CRA examination.
What are Lending, Investment and Service?
CRA
What is Community Reinvestment Act?
The depreciable basis of the residential portion of a project, which includes the building, improvements, appliances, & fixtures.
What is Qualified Basis?
They provide strategic leadership of the management of the Bank’s performance with respect to the CRA.
What is CRA Administration?
Citizens Net Income as of Q2 2018.
What is $425 million?
The two primary buckets that a CRA Lending Test is broken into.
What is geographic (tract) and borrower?
LIHTC
What is Low Income Housing Tax Credit?
Utilities, insurance, maintenance, repairs, management fees are examples of these.
What are operating expenses?
It was created under the Tax Reform Act of 1986 that gives incentives for the utilization of private equity in the development of affordable housing aimed at low-income Americans.
What is the LIHTC?
The number of colleagues employed by Citizens Bank
What is 17,700?
The most important factor when qualifying volunteer service hours for CRA credit.
What is a focus on serving low and moderate income individuals?
HAP
What is Housing Assistance Payments?
Federal program providing 15-20 years of rent subsidies?
What is Section 8?
This provides tax credit incentives to investors for equity investments in certified Community Development Entities, which invest in low-income communities.
What is the NMTC Program?
The name of the bank that was founded in 1828, which later established Citizens Savings Bank in 1871.
What is High Street Bank?
This amazing leader has more knowledge of CRA than just about anyone else on the planet.