M&T Bank Again Earns 'Outstanding' Rating On Community Reinvestment Act Exam
The latest exam results reflect the bank's community development performance between
The exam recognized M&T as "a leader in making community development loans" during the review period, and said the bank was "responsive to community needs" and "met the needs of its assessment areas." The streak of "Outstanding" ratings underscores M&T's unwavering commitment to the communities it serves – even as the bank has grown organically and through 25 acquisitions to serve much of the mid-
"We strongly believe
In the latest CRA exam report, the
- Extensive use of innovative or flexible products that served to enhance the level of lending in low-to-moderate income (LMI) geographies and to LMI borrowers;
- Significant use of innovative and/or complex investments to support community development initiatives;
- Excellent level of qualified community development investments and grants, particularly those not routinely provided by private investors, often in a leadership position;
- Excellent responsiveness to credit and community development needs; and,
- Delivery systems were readily accessible to the bank's geographies and individuals of different income levels in its assessment areas.
"We are extremely proud to once again achieve the highest possible rating for our CRA performance," said
A few of the programs and initiatives available to LMI geographies and LMI borrowers that were highlighted in the bank's latest CRA report include:
June 2018, M&T introduced a business credit card with credit limits as low as $2,000available to nonprofit organizations, which generally target services to LMI individuals. The card has no annual fee and a 12-month introductory interest rate of 0 percent.
September 2019, M&T launched its "Home Starter" loan program designed for borrowers purchasing a home in a specified LMI census tract or whose income was at or below 80 percent of the U.S. Department of Housing and Urban Development(HUD) median area income. There are no restrictions for loans in those designated tracts, and refinancing is permitted. The product offers a competitive interest rate, 3 percent down payment, no borrower paid mortgage insurance premium and the ability to finance most closing costs.
The CRA exam report also recognized M&T's commitment to charitable giving throughout its footprint. Annually, the bank contributes about
The Community Reinvestment Act of 1977 was enacted by
The CRA exam measures a number of factors, including the depth of a bank's community development lending, the distribution of small business and home mortgage loans in communities served by the bank, the availability of bank branches and services in LMI neighborhoods and the bank's commitment to offering "community development services."
The bank's CRA performance was reviewed using the
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