Metro Credit Union Recognized for Exceptional Community Impact
Metro Credit Union Achieves Outstanding CRA Rating
Metro Credit Union, the largest state-chartered credit union in the region, proudly announces its remarkable 'Outstanding' rating under the Community Reinvestment Act (CRA) from the Massachusetts Division of Banks for the recent evaluation period. This significant achievement highlights the credit union's dedication to enhancing the lives of the communities it serves.
The Importance of the CRA Rating
The CRA rating is a critical benchmark for financial institutions, reflecting their commitment to serving all segments of the community, particularly underrepresented demographics. This prestigious 'Outstanding' designation signifies exceptional performance and a strong contribution to community development through a wide range of financial services.
Meeting Community Needs
Metro Credit Union's CRA rating is based on outstanding performance across three evaluation categories: lending, investment, and service. This combination illustrates its effectiveness in addressing the credit needs of diverse populations within the community.
Leadership and Commitment
President and CEO Robert Cashman emphasized that earning such an assessment for a consecutive exam period underscores Metro's ongoing commitment to making a positive difference. With a focus on empowering members through tailored financial products and services, Metro continues to enhance community resilience and stability.
Exceptional Performance Highlights
The Massachusetts Division of Banks commended Metro Credit Union for its outstanding initiatives and efforts, particularly in the following areas:
- Strong mortgage lending programs aimed at serving low- and moderate-income borrowers.
- Innovative lending offerings that effectively address regional credit needs.
- Programs aimed at assisting first-time and low-income homebuyers, including options for low down payments and competitive rates.
- A significant focus on community development lending that supports affordable housing initiatives.
- Lending practices that contribute to affordable housing within federally designated opportunity zones.
- Delivery of impactful community development services and investments not typically offered by private investors.
Financial Contributions to the Community
During the assessment period, Metro demonstrated a strong commitment to financial inclusion and community support, evidenced by various initiatives.
- Mortgage-Backed Securities: The credit union holds CRA-qualified mortgage-backed securities valued at $5.4 million.
- Community Development Lending: Metro originated approximately $77.1 million in loans aimed at community development and affordable housing.
- Community Development Investments: A total of 294 investments were made, amounting to around $9.9 million.
- Affordable Mortgage Program: Metro issued 58 loans under its affordable mortgage initiative totaling $33.3 million.
- Credit Builder Loans: The credit union originated 284 loans totaling $119,194 aimed at enhancing credit access.
- Energy-Efficiency Loans: Metro issued 3,620 loans through the Mass Save program, totaling $72.1 million.
- Affordable Housing Loans: The credit union provided a $5.2 million loan for acquiring residential buildings to create 36 affordable units.
- Certified Deposits: Metro made 16 certified deposits in low-income credit unions, contributing a total of $3.9 million.
About Metro Credit Union
Metro Credit Union stands as the largest state-chartered credit union, managing assets of $3.2 billion. With over 200,000 members, it offers an extensive range of financial solutions tailored to various needs. Founded in 1926, Metro has branch offices in numerous locations, ensuring convenient access to services for its members across several counties.
Metro Credit Union takes pride in its role as a leading institution that is dedicated to community empowerment. It was recently recognized among the most charitable companies, illustrating its commitment to social responsibility.
Frequently Asked Questions
What does the 'Outstanding' CRA rating signify?
The rating indicates exceptional performance in fulfilling community credit needs, particularly among underserved populations.
How does Metro Credit Union support affordable housing?
Metro provides innovative lending programs aimed at first-time buyers and supports affordable housing projects through significant lending efforts.
What initiatives contributed to the CRA rating?
Metro's strong mortgage lending, community development investments, and support for low-income borrowers were key contributors.
How can individuals access Metro's services?
Individuals can visit Metro's various branch locations or explore its services online to find financial solutions tailored to their needs.
What is the importance of Metro's role in the community?
Metro acts as a vital financial partner, promoting community development and financial inclusion through various programs and services.
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