New York – Citi today announced that Citibank, N.A. received an “Outstanding” rating on its most recent Community Reinvestment Act (CRA) performance evaluation from the Office of the Comptroller of the Currency (the “OCC”). “Outstanding” is the highest rating that can be given and follows ratings of “Satisfactory” for the previous two exams.
The OCC assessed the bank’s performance in helping to meet the credit needs of low- and moderate-income (LMI) individuals, as well as delivering products and services in LMI communities where the bank operates. Citibank’s lending, investments, and services from 2017 to 2019 were analyzed for their responsiveness and impact on the community’s needs.
“Our entire firm is proud that our commitment to building more inclusive communities has been recognized by the OCC,” CEO Jane Fraser said. “We know we are not alone in our commitment to equity, but what distinguishes us is how we hold ourselves accountable for results. Where there is more work to be done by our bank and our industry, we are upfront about it. We remain focused on enabling the ongoing economic recovery and working with community organizations and business leaders to increase access to banking products and services for low- and moderate-income individuals and communities.”
The Community Reinvestment Act of 1977 (CRA) requires banks to help meet the credit needs of the communities in which they are chartered, including LMI neighborhoods. For the evaluation period, Citibank allocated over $125.6 billion in CRA activities. Of this amount, Citibank targeted the needs of its CRA assessment areas through:
Citi’s investment and support of local communities is core to its mission to enable growth and economic progress. The bank is the largest affordable housing development lender in the U.S., providing $7 billion in loans for affordable housing projects last year. It has developed a wide range of COVID-19 relief and recovery to communities in need, and, in September 2020, Citi announced Action for Racial Equity, including over $1 billion in strategic initiatives to help close the racial wealth gap and increase economic mobility in the United States. Additionally, Citi and the Citi Foundation continue to expand its Pathways to Progress job skills-building initiative, led by a three-year, $100 million investment from the Citi Foundation, to improve employability and economic opportunity for youth from underserved communities. Last year, the Citi Impact Fund was launched to invest in “double bottom-line” companies, which try to commercialize solutions to challenges facing communities.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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