How to leverage your CRA activities to create value for your bank and your communities
If you are a leader at a financial institution, you know that the Community Reinvestment Act (CRA) is more than just a regulatory requirement. It’s also an opportunity to:
- Build trust and loyalty with customers while demonstrating your commitment to the economic well-being of the communities you serve.
- Showcase your brand identity and values through your CRA activities and appeal to customers and employees who share your vision of social impact.
- Offer innovative solutions that meet the needs of your target markets by integrating your CRA activities with your core products and services.
Changes Incoming
The new CRA final rule issued in October 2023 aims to provide more clarity, consistency, and transparency in how banks are evaluated and rated for their CRA performance. While many of the new requirements in the final rule don’t take effect until 2026 or even 2027, banks are still obligated to adhere to the CRA and demonstrate how they are positively impacting the communities they serve.
With the rule change in mind, this whitepaper offers four practical tips to leverage your current CRA activities to create even more value for your bank and stakeholders, while complying with regulatory requirements and expectations.
The Takeaway
Navigating the impending changes in the CRA can be a complex and challenging process, especially given the uncertainty and volatility in the current environment. That’s why banks need reliable and trusted partners that can help them achieve their CRA goals and optimize their performance.
By leveraging the expertise provided by the team at EVERFI® from Blackbaud® and YourCause® from Blackbaud®, banks can not only navigate the CRA rule, but also enhance their CRA strategy and performance while creating value for their stakeholders and communities.
Go in-depth with four tips to boost your CRA impact by downloading the full whitepaper.