Community reinvestment act network
First Claim
1. A computer method of financial interest distribution and cognizable interest distribution based on a pool of assets with a computer automated financial accountant and a parallel computer automated cognizable interest accountant, a database, in a computer system comprising the steps of:
- calculating the financial return on a pool of assets based on the financial return of each particular asset in said pool of assets and distributing said financial return to at least one investor by modifying an electronic computer record to indicate a particular financial distribution to said investor for said financial distribution, said computer record being stored in a storage device;
calculating the cognizable interest available from said pool of assets by qualifying each particular asset in said pool of assets for cognizable interest based on predetermined approval criteria wherein said predetermined approval criteria is electronically represented on said storage device so that said cognizable interest is linked to said pool of assets by modifying a computer record on said storage device so that each said cognizable interest can be traced to said particular asset in said pool of assets that qualifies for said cognizable interest; and
distributing said cognizable interest derived from said pool of assets to at least one said financial investor in the said pool of assets by modifying a computer record of each cognizable interest transaction in a storage device so that each cognizable interest can be linked to said particular asset in said pool of assets that was used to qualify said particular asset for cognizable interest and to identify when said cognizable interest is distributed to said investor.
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Accused Products
Abstract
The CRA apparatus compiles investor needs for CRA qualified assets, creates portfolios of assets that would be recognized by regulatory agencies as meeting the requirements of the CRA and allocates CRA credits separately from the financial return of the portfolio of assets. The CRA apparatus can acquire CRA eligible loans from the secondary market, directly from private or governmental agencies, and/or directly from loan originators. The CRA apparatus determines whether an asset meets CRA qualifying parameters from demographic and statistical data regarding the borrower and/or the financial asset. The apparatus determines, by using CRA qualification factors as well as investor requirements, whether a loan should be acquired. In a parallel accounting process, the apparatus creates a pool of CRA eligible "credits" from the assets in each portfolio and then tracks and allocates specific CRA credits associated with specific assets to specific portfolio investors. This allocation of CRA credits creates specific "CRA interests" for each investor. These interests would be recognized by regulatory agencies as meeting the requirements of the CRA. The invention can provide a complete audit trail for the allocation of CRA interest and can generate the information necessary to comply with all regulatory reporting requirements. The CRA apparatus allows investors to obtain and report geographically specific CRA interests while participating in a diversified, risk managed portfolio.
489 Citations
58 Claims
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1. A computer method of financial interest distribution and cognizable interest distribution based on a pool of assets with a computer automated financial accountant and a parallel computer automated cognizable interest accountant, a database, in a computer system comprising the steps of:
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calculating the financial return on a pool of assets based on the financial return of each particular asset in said pool of assets and distributing said financial return to at least one investor by modifying an electronic computer record to indicate a particular financial distribution to said investor for said financial distribution, said computer record being stored in a storage device; calculating the cognizable interest available from said pool of assets by qualifying each particular asset in said pool of assets for cognizable interest based on predetermined approval criteria wherein said predetermined approval criteria is electronically represented on said storage device so that said cognizable interest is linked to said pool of assets by modifying a computer record on said storage device so that each said cognizable interest can be traced to said particular asset in said pool of assets that qualifies for said cognizable interest; and distributing said cognizable interest derived from said pool of assets to at least one said financial investor in the said pool of assets by modifying a computer record of each cognizable interest transaction in a storage device so that each cognizable interest can be linked to said particular asset in said pool of assets that was used to qualify said particular asset for cognizable interest and to identify when said cognizable interest is distributed to said investor. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A computer method of interest distribution based on a pool of assets with a computer automated financial accountant and a parallel computer automated CRA interest accountant, a database, and a computer system comprising the steps of:
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calculating the financial return on a pool of assets based on the financial return of each particular asset in said pool of assets and distributing said financial return to at least one investor by modifying an electronic computer record to indicate a particular financial distribution to said investor for said financial distribution, said computer record being stored in a storage device; calculating the CRA interest available from said pool of assets by qualifying each particular asset in said pool of assets for CRA interest based on predetermined approval criteria wherein said predetermined approval criteria is electronically represented on said storage device so that said CRA interest is linked to said pool of assets by modifying a computer record on said storage device so that each said CRA interest can be traced to said particular asset in said pool of assets that qualifies for said CRA interest; and distributing said CRA interest derived from said pool of assets to at least one said financial investor in the pool by modifying a computer record of each CRA interest transaction in a storage device so that each CRA interest can be linked to said particular asset in said pool of assets that was used to qualify said particular asset for CRA interest and to identify when said CRA interest is distributed to said investor. - View Dependent Claims (13, 14, 15, 16, 17, 18, 19, 20, 21)
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22. A cognizable interest transaction apparatus to allocate financial returns to investor accounts and to separately allocate a cognizable interest from a managed pool of assets to said investor accounts comprising:
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a control terminal for operating the cognizable interest transaction apparatus; a processor coupled to said control terminal for processing transaction instructions respecting the cognizable interest transaction apparatus and maintaining account status information; said processor modifying computer records of a portfolio of cognizable interest eligible assets and modifying computer records of investor accounts including share accounts, financial transactions and cognizable interest transactions; and said processor modifying computer records to establish a cognizable interest eligible portfolio, said processor determining portfolio share price and modifying computer records to allocate said cognizable interest to said investor accounts. - View Dependent Claims (23, 24, 25, 26, 27, 28, 29, 30, 31)
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32. A CRA interest transaction apparatus to allocate financial returns to investor accounts and to separately allocate a CRA interest from a managed pool of assets to said investor accounts comprising:
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a control terminal for operating the CRA interest transaction apparatus; a processor coupled to said control terminal for processing transaction instructions respecting the CRA interest transaction apparatus and maintaining account status information; said processor modifying computer records of a portfolio of CRA interest eligible assets and modifying computer records of investor accounts including share accounts, financial transactions and CRA interest transactions; and said processor modifying computer records to establish a CRA interest eligible portfolio, said processor determining portfolio share price and modifying computer records to allocate said CRA interest to said investor accounts. - View Dependent Claims (33, 34, 35, 36, 37, 38, 39, 40, 41)
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42. A financial and cognizable interest transaction network apparatus based on a managed pool of assets and a computer processor comprising:
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a client service administrator establishing an investor account through the modification of a computer record, said client service administrator providing a command interface to command said transaction network to increase or decrease an investor'"'"'s financial holding in the network and to specify an investor'"'"'s desired geographic area from which to acquire cognizable interest; a data storage device operationally connected to said client service administrator, said data storage device for maintaining computer records of said investor account; a cognizable interest accountant operably connected to said data storage device, said cognizable interest accountant operatively connected to said client service administrator, said cognizable interest accountant determining the cognizable interest of assets within said pool of assets represented by computer records, said cognizable interest accountant allocating said cognizable interest to said investor account by modifying computer records of said investor accounts; a transfer agent linked to said data storage device and said cognizable interest accountant, said transfer agent conducting transactions by book entry by modifying computer records to denote said transactions, said transfer agent buying and selling assets for said pool of assets; a financial accountant linked to said transfer agent, said financial accountant operating in parallel with said cognizable interest accountant, said financial accountant determining said pool of assets'"'"' share price and said financial accountant providing means for distributing a financial return from said pool of assets to said investor account; an investment advisor linked to said transfer agent, said financial accountant and said cognizable interest accountant, said investment advisor providing means for determining appropriate assets to buy or sell to maintain said pool of assets within a predetermined range of financial risk while maintaining a cognizable interest balance to substantially fulfill the cognizable interest demand from said investor account; and a custodian linked to said transfer agent, said custodian providing means for receiving assets purchased by said transfer agent and acknowledging receipt thereof. - View Dependent Claims (43, 44, 45, 46, 47, 48, 49, 50, 51)
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52. A financial and CRA interest transaction network apparatus based on a managed pool of assets and a computer processor comprising:
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a client service administrator establishing an investor account through the modification of a computer record, said client service administrator providing a command interface to command said transaction network to increase or decrease an investor'"'"'s financial holding in the network and to specify an investor'"'"'s desired geographic area from which to acquire CRA interest; a data storage device operationally connected to said client service administrator, said data storage device for maintaining computer records of said investor account; a CRA interest accountant operably connected to said data storage device, said CRA interest accountant operatively connected to said client service administrator, said CRA interest accountant determining the CRA interest of assets represented by computer records, said CRA interest accountant allocating said CRA interests to said investor account by modifying computer records of said investor account; a transfer agent linked to said data storage device and said client service administrator, said transfer agent conducting transactions by book entry by modifying computer records to denote said transactions, said transfer agent buying and selling assets for said pool of assets; a financial accountant linked to said transfer agent, said financial accountant operating in parallel with said CRA interest accountant, said financial accountant determining said pool of assets'"'"' share price and said financial accountant providing means for distributing a financial return from said pool of assets to said investor account; an investment advisor linked to said transfer agent, said financial accountant and said CRA accountant, said investment advisor providing means for determining appropriate assets to buy or sell to maintain said pool of assets within a predetermined range of financial risk while maintaining a CRA interest balance to substantially fulfill the CRA interest demand from said investor account; and a custodian linked to said transfer agent, said custodian providing means for receiving assets purchased by said transfer agent and acknowledging receipt thereof. - View Dependent Claims (53, 54, 55, 56, 57, 58)
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Specification