Guide to the Community Reinvestment Act
Qualifying, tracking, and fulfilling requirements for the Community Reinvestment Act (CRA)
The Community Reinvestment Act (CRA) is a United States federal law designed to encourage financial institutions to meet the credit needs of communities in which they do business, including low- and moderate-income neighborhoods. Banks that are unable to meet their obligations on CRA examinations can be penalized with significant reputational risks and even halted long-term growth, as acquisitions, mergers, and opening new branches cay be prevented.
It is therefore imperative to build programs that are both impactful and scalable, such as with digital financial education, as well as keep track of qualified community development grants and the range of volunteering services that employees complete every year.
This whitepaper includes guidance on fulfilling your bank’s Community Reinvestment Act requirements and tracking CRA qualified initiatives, as well as the role that Blackbaud Corporate Impact Solutions can play in supporting financial education, employee engagement, and grantmaking programs.
Contents:
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What is the CRA? + The ‘Final Rule’ Update
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CRA Qualifiers for Employee Engagement
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Track CRA Qualified Volunteering
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Track CRA Qualified Grants
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Consolidate Data Across Social Impact Programs
About Us
At YourCause from Blackbaud, we have been helping companies support employee engagement initiatives that connect to corporate purpose and drive meaningful change towards critical social issues since 2007. We support over 500 organizations from Fortune 500 companies to small and medium sized business to drive employee engagement in giving, volunteering, DEI programs and more. Our clients in the Global Good Network™ engage employees from 116 countries with opportunities to drive social impact. The tips, best practices, and resources are curated by our team of experts that help companies maximize the use of the YourCause platform, launch new programs, grow and scale.