Banks Gain CRA Recognition While Helping Teens Make the Right Education Choices.Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. chooses CHOICES as a CRA-qualified activity for their employee volunteers SEATTLE -- The CHOICES Education Group, a Seattle-based social enterprise, announced today that banks are engaging its CHOICES dropout (1) On magnetic media, a bit that has lost its strength due to a surface defect or recording malfunction. If the bit is in an audio or video file, it might be detected by the error correction circuitry and either corrected or not, but if not, it is often not noticed by the human prevention workshop as a CRA See Community Reinvestment Act. qualified activity, further helping them meet their community involvement goals and gain recognition as good corporate citizens. The Community Reinvestment Act 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. (CRA), enacted by Congress in 1977, was passed into law to encourage depository institutions (such as commercial banks) to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods. The CRA Act requires that each depository The place where a deposit is placed and kept, e.g., a bank, savings and loan institution, credit union, or trust company. A place where something is deposited or stored as for safekeeping or convenience, e.g., a safety deposit box. institution's record in helping meet the credit needs of its entire community be evaluated periodically. That record is taken into account in considering an institution's application for deposit facilities. CHOICES largest business client, Bank of America, has determined that CHOICES is a CRA-qualified activity for their employee volunteer activities related to CHOICES. They report CHOICES as a Community Development Service when it is delivered in schools that have a majority of students who are Economically Disadvantaged (receive free- or reduced-cost school meals). "Every school day 7,000 students become dropouts. We're very pleased that through CRA qualification CHOICES is a win-win for businesses and students alike," said Leo Leo, in astronomy Leo [Lat.,=the lion], northern constellation lying S of Ursa Major and on the ecliptic (apparent path of the sun through the heavens) between Cancer and Virgo; it is one of the constellations of the zodiac. Muller, Executive Director of the national not-for-profit. "We're very appreciative of Bank of America's tremendous financial and volunteer support and invite other banks to follow suit." CHOICES is an interactive decision-making workshop that empowers teens to achieve academic success in pursuit of their career and life aspirations. In two hour-long sessions, business and community volunteers take students through real-world exercises on academic self-discipline, time and money management and goal setting. Through their social enterprise business model, the CHOICES Education Group licenses CHOICES to businesses, chambers of commerce and service clubs for an annual program fee based on the number of classes served, and then provides the training, materials and support needed to implement and manage the program in local communities. CHOICES is a powerful tool for building and sustaining effective business-education partnerships in local communities. Volunteers from the business community facilitate the program, bringing their real-life experiences right into the classroom and serving as positive adult role models for the students. Major business partners include Nordstrom, Bank of America, Russell Investment Group Russell Investment Group is an investment firm with global reach, providing investment products and services to individuals and institutions in 44 countries. A pioneer in multi-manager investing, and the creator of Russell Indexes, Russell manages more than US$200 billion in assets and Verizon. About The CHOICES Education Group The CHOICES Education Group is an independent 501c (3) nonprofit social enterprise started in 1985 with initial funding from Pacific Northwest Bell Pacific Northwest Bell Telephone Company provided telephone services in the states of Oregon, Washington, and northern Idaho. Pacific Northwest Bell was created on July 1, 1961, when the Bell telephone operations in northern Idaho, Oregon, and Washington state were split off (now Qwest Communications
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