Supporting DoughMain Financial Literacy Foundation and our FitKit™ School and Community Programs Under the Community Reinvestment Act (CRA)
DoughMain Financial Literacy Foundation (DMFLF) and our FitKit™ and FitKit™ Express community programs can support a depository institution's CRA program. Contributions or partnering with DMFLF to offer FitKit™ financial literacy programs may help improve or maintain a bank's CRA rating.
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. If an institution has a 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.
When conducting CRA evaluations, examiners review products and services provided to low- and moderate-income communities. They consider factors such as the economic conditions and business opportunities available to a lending institution given its size and financial condition. Our programs can complement existing financial services, as the bank's financial literacy initiatives are included in this evaluation. The bank also needs to be able to demonstrate the significance of its contribution to regulators conducting CRA examinations. DMFLF will assist the bank in demonstrating the positive impact of its financial literacy initiatives, through a comprehensive suite of metrics demonstrating program depth and effectiveness.
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. If an institution has a 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.
When conducting CRA evaluations, examiners review products and services provided to low- and moderate-income communities. They consider factors such as the economic conditions and business opportunities available to a lending institution given its size and financial condition. Our programs can complement existing financial services, as the bank's financial literacy initiatives are included in this evaluation. The bank also needs to be able to demonstrate the significance of its contribution to regulators conducting CRA examinations. DMFLF will assist the bank in demonstrating the positive impact of its financial literacy initiatives, through a comprehensive suite of metrics demonstrating program depth and effectiveness.