Supporting DoughMain Financial Literacy Foundation and our FitKit™ School and Community Programs Under the Community Reinvestment Act (CRA)
The CRA requires banks to meet the credit needs of all communities, including low- and moderate-income areas, consistent with the safety and soundness of the bank's operations. The law created a framework wherein community organizations, banking regulatory agencies and financial institutions interact in assessing how well a financial institution is meeting the needs of low- and moderate-income communities. To ensure compliance, the CRA establishes a regular schedule of examinations for banks that are insured depositories. CRA ratings, performance evaluations, and examination schedules are publicly available at the bank's regulatory agency website. (1) If an institution has poor CRA rating, regulators can delay or deny that institution's request to expand their business through mergers, additional branches, or new products and services.
DoughMain Financial Literacy Foundation (DMFLF) and our FitKit™ and FitKit™ Express community programs can support a depository institution's CRA program and may assist in improving or maintaining its CRA rating. The regulatory agencies have recognized that contributions to financial literacy foundations like DMFLF can be considered under the investment test. Partnering with DMFLF in offering the FitKit™ program in schools or the broader community may also benefit the bank's services evaluation.(2) Since improved financial literacy has proven to result in better decisions regarding financial products and services, DMFLF also provides financial institutions the opportunity to both lift the communities it serves and cultivate the next generation of customers. School districts and community groups wishing to implement DMFLF programs in low- and moderate- income communities can refer to the CRA when engaging local depository institutions for support.
When conducting CRA evaluations, examiners consider the "performance context" of the financial institution. Examiners consider factors such as the economic conditions and business opportunities available to a lending institution given its size and financial condition. We offer partnership opportunities that enable the bank to provide a service in all its communities. The bank also needs to be able to support the significance of its contribution to the examiners. DMFLF is able to help the bank document the breadth and effectiveness of students, statistics on modules taught, students reached, and other metrics.
For further information on how DMFLF can help you attain your organization’s CRA goals, please contact us using the link below:
DoughMain Financial Literacy Foundation (DMFLF) and our FitKit™ and FitKit™ Express community programs can support a depository institution's CRA program and may assist in improving or maintaining its CRA rating. The regulatory agencies have recognized that contributions to financial literacy foundations like DMFLF can be considered under the investment test. Partnering with DMFLF in offering the FitKit™ program in schools or the broader community may also benefit the bank's services evaluation.(2) Since improved financial literacy has proven to result in better decisions regarding financial products and services, DMFLF also provides financial institutions the opportunity to both lift the communities it serves and cultivate the next generation of customers. School districts and community groups wishing to implement DMFLF programs in low- and moderate- income communities can refer to the CRA when engaging local depository institutions for support.
When conducting CRA evaluations, examiners consider the "performance context" of the financial institution. Examiners consider factors such as the economic conditions and business opportunities available to a lending institution given its size and financial condition. We offer partnership opportunities that enable the bank to provide a service in all its communities. The bank also needs to be able to support the significance of its contribution to the examiners. DMFLF is able to help the bank document the breadth and effectiveness of students, statistics on modules taught, students reached, and other metrics.
For further information on how DMFLF can help you attain your organization’s CRA goals, please contact us using the link below:
Additional Third Party CRA Resources:
Federal Financial Institution Examination Council (FFIEC) - Includes background information and links to additional CRA resources.
FFIEC Census and Demographic Data - May assist in identifying low and moderate income areas for CRA purposes.
ProximityOne Data Service K-12 Analytics - May assist in identifying schools in low and moderate income areas.
FFIEC Census and Demographic Data - May assist in identifying low and moderate income areas for CRA purposes.
ProximityOne Data Service K-12 Analytics - May assist in identifying schools in low and moderate income areas.
1 The federal agencies that conduct CRA examinations are the Office of the Comptroller of the Currency (OCC), which examines nationally chartered banks and savings and loan institutions;
the Federal Deposit Insurance Corporation (FDIC), which examines state-chartered banks; and the Federal Reserve Board, which examines state-chartered banks that are a part of the
Federal Reserve System.
2 The OCC publishes a CRA Illustrative List of Qualifying Activities, several of which refer to financial literacy programs or education, such as those developed by DMFLF.
the Federal Deposit Insurance Corporation (FDIC), which examines state-chartered banks; and the Federal Reserve Board, which examines state-chartered banks that are a part of the
Federal Reserve System.
2 The OCC publishes a CRA Illustrative List of Qualifying Activities, several of which refer to financial literacy programs or education, such as those developed by DMFLF.