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Community Reinvestment Act Program

About

Community Reinvestment Act (CRA)
The Community Reinvestment Act (CRA), enacted in 1977, requires the Federal Reserve and other federal banking regulators to encourage financial institutions to help meet the credit needs of the communities in which they do business, including low-and moderate-income (LMI) neighborhoods.

Over the years, BOC U.S.A. has demonstrated a consistent and notable track record for community development, receiving the Office of the Comptroller of the Currency (OCC)’s acknowledgment through various CRA Performance Evaluations. The OCC periodically evaluates BOC U.S.A.’s performance and has recently awarded the bank an “Outstanding” rating under the community development test for wholesale banks. This document is an evaluation of BOC U.S.A. 's record of meeting the credit needs in the bank’s assessment area, including low and moderate-income neighborhoods, consistent with the safe and sound operation of the bank.


Community Development loans and investments
BOC U.S.A. meets its CRA responsibilities by making loans to and investments in community:
•    affordable housing 
•    economic development
•    activities and services targeting low and moderate-income individuals and communities


BOC U.S.A. adheres to the letter and spirit of its CRA responsibilities by working to address the credit and community development needs as required by the CRA. The bank has provided financial support for 80/20 affordable housing programs in the New York metropolitan area and provided loans (both public finance and corporate), investments, grants and services under our CRA Program that has exceeded $2 billion. Over the years, our lending has facilitated economic development, revitalized low-and moderate-income areas, financed affordable housing, and targeted services for underserved and underprivileged individuals in various local New York and New Jersey communities.

 

Service
BOC U.S.A. is connected and committed to the cities and neighborhoods in which we do business. BOC U.S.A’s employees work closely with community organizations to ensure the bank is ready to respond to various community credit needs. Our employees play a significant role in community development by contributing their time and expertise to make our communities better places to live and work. By partnering with community leaders and organizations at the forefront of certain causes, our volunteers are able to serve as mentors, empowering and strengthening the local communities by supporting those who are most in need. BOC U.S.A. employees also serve on several organizational boards, provide financial literacy workshops and promote and participate in various community events and activities.

 

We're making available for review below each of the components of the Bank’s Community Reinvestment Act (CRA) Public File. Please see here for more information about the bank’s other corporate social responsibility programs.  

 

Our most recent performance evaluation can be accessed here: