COMMUNITY REINVESTMENT ACT (CRA)

Enacted by Congress in 1977, the Community Reinvestment Act (CRA) is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods, consistent with safe and sound operations. On our December 2012 CRA exam, which covered the period February 2009-December 2012, Carver received our 3rd consecutive "Outstanding" rating.

Exam Highlights:
• 78% of Carver's newly originated loans were made within our Assessment Area (AA)
• 100% of small business loans originated were to businesses with less than $200,000 in annual revenues
• 66.7% of small business loans originated were in low to moderate income census tracts.
• Demonstrated excellent responsiveness to our AA's needs through our Community Development Lending activity as evidenced by $8.5 million of qualified loans originated in partnership with the New York City School Construction Authority which provided favorable loans to minority contractors. 
• Demonstrated excellent responsiveness to our AA through our Community Development Service activity as evidenced by our community partnerships in providing financial literacy programming, such as through the Volunteer Income Tax Assistance program with Food Bank for NYC; participation in the NYCHA rent payment program; and expanded product offerings with the Carver Community Cash product suite available to customers with or without a bank account.

Carver is incredibly proud to meet the financial needs of the communities we serve and looks forward to finding new ways to build wealth block by block.