Comerica Bank Achieves 'Outstanding' Rating in Community Reinvestment Act Evaluation by the Federal Reserve Board
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DALLAS, Feb. 29, 2024 ~ Comerica Bank, a leading financial institution, has recently received the highest possible rating of "Outstanding" in its 2023 Community Reinvestment Act (CRA) Performance Evaluation by the Federal Reserve Board (FRB). This achievement is a testament to the bank's commitment to serving its communities and promoting economic development.

The evaluation, conducted by the FRB, included a thorough review of Comerica Bank's Home Mortgage Disclosure Act (HMDA) and CRA small business lending data from 2020 to 2022. It also took into account the bank's community development loans, investments, and services provided between January 1, 2021 and June 30, 2023.

Wendy Bridges, Executive Vice President of Corporate Responsibility at Comerica Bank, expressed her pride in the bank's Outstanding CRA rating. She stated that Comerica has made significant efforts to support individuals and businesses in its footprint over the past few years. Bridges also mentioned that this achievement will serve as motivation for the bank to continue its community-focused initiatives as it approaches its milestone 175th anniversary.

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During the review period, Comerica Bank achieved several notable accomplishments that contributed to its Outstanding CRA rating. These include providing over $5.6 billion in mortgage loans and $6 billion in small business loans within its assessment areas. The bank also issued over $5.3 billion in community development loans, with a majority of them (65%) being used for economic development purposes.

In addition to these financial contributions, Comerica Bank also made significant investments in its communities through donations totaling $16 million and investments exceeding $350 million. The bank's employees also dedicated over 22,000 hours towards providing financial education and small business technical assistance to low- and moderate-income individuals and communities.

One of Comerica's most recent initiatives is the establishment of Comerica BusinessHQ in May 2023. This collaborative space, located in Dallas-Fort Worth, aims to support small businesses in the underserved South Dallas area by providing them with free coworking space and tailored technical assistance. Since its inception, the center has already served over 1,600 individuals.

The Community Reinvestment Act (CRA), which was enacted in 1977, requires financial institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods. Comerica Bank's Outstanding CRA rating is a testament to its dedication to fulfilling this responsibility and making a positive impact on its communities.

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