Sort of, but not necessarily. A Community Reporter is a highly active member of the forum in good standing with the staff who takes on the additional responsibility of looking for and posting interesting news in their respective sections. They help engage more discussion. CRs are also "role models" and are required to uphold the forum rules and general forum etiquette, and must avoid posting nonsensical or inflammatory replies because their posts will be held in higher regard by others due to their custom title (I'm not sure why but that is always the case).
CRs do sometimes become moderators at a later stage but this is not always the case. Some don't fit the role well. Some don't want the added responsibilities. Moderators are subject to the same requirements above (apart from the new reporting) but to an even greater degree. A moderator's post will quite often be taken as gospel truth by newer members when we are not inherently more or less correct than anyone else, but because of this we need to watch what we say