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Meaning / Definition of

NASD

Categories: Brokerages, Compliance and Governance,

NASD is the largest self-regulatory organization (SRO) in the United States. Formerly known as the national association of securities dealers, NASD regulates broker-dealer firms and licenses registered representatives - better known as stockbrokers - who make a business of trading securities. In addition, NASD regulates trading in stocks, mutual funds, variable annuities, corporate bonds, and futures and options contracts on securities, and acts as regulator for a number of securities exchanges, NASD also reviews materials that investment companies provide to their clients and prospective clients to ensure those materials comply with the relevant guidelines. Through its BrokerCheck database, NASD provides a resource for investors to check the credentials of people and firms with whom they're considering working. The NASD website also provides investor education and alerts on current issues of importance to investors. Finally, NASD also resolves disputes between broker-dealers and their clients, through either mediation or arbitration. NASD disciplines firms and individuals who violate the rules.

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Definition / Meaning of

Community Reinvestment Act Of 1977

Categories: Banking, Economics,

Law passed by Congress in 1977 requiring banks and other depository financial institutions to help meet credit needs of the community in which the bank or financial institution is chartered and operating in. These include meeting the credit needs of low to moderate income neighborhoods, provided that they had safe and consistent operations. A bank's or depository financial institutions' compliance with the community reinvestment act is taken into consideration when a bank or depository financial institution desires to expand and build new bank branches or in mergers and acquisitions. The community reinvestment act does not specifically list any civil or punitive damages and does not list specific criteria for evaluating the performance of a financial institution. Rather, the community reinvestment act may be taken into consideration in conjunction with the equal credit opportunity act that does list specific civil and punitive damages for discriminating credit applicants based upon their race, color, religion, national origin, sex, marital status or age.

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