Bank of Hope and the CRA
The Community Reinvestment Act (CRA) was enacted by Congress to assess an institution’s record of helping to meet the credit needs of local communities in which the institution is chartered, consistent with safe and sound operation of the institution, and take the record into account in the agency’s evaluation of certain applications. The underlying purpose of the CRA is to encourage banks to serve their communities.
Meeting the obligations of the CRA requires commitment, communication and cooperation by each of our stakeholders, including intermediaries acting on behalf of the community (such as the government, public agencies and community-based organizations) and members of the community.
We hope to contribute to the strength and success of our communities, the ultimate goal being to strengthen the financial health and well-being of the people and communities we serve.