U.S. Bank National Association has been awarded an "Outstanding" rating, the highest rating possible, by the Office of the Comptroller of the Currency (OCC), for its commitment to the letter and spirit of the Community Reinvestment Act (CRA). By awarding this rating, the OCC acknowledged that U.S. Bank is continuing to meet the credit needs of all segments of its communities. U.S. Bank’s performance in Oregon was also reviewed as a part of this examination and was deemed "Outstanding" as well.
"We work diligently to ensure that our communities are a strong and vibrant place to live and work. Community investments and service are key to ensuring that high quality of living in the Columbia Pacific region, which is why it is and continues to be, central to our company’s mission," said Kevin LaCoste, regional president for U.S. Bank in the Columbia Pacific region.
The OCC reports that U.S. Bank N.A. was "Outstanding" in both the lending and investment test ratings and "high satisfactory" in the service test rating. The OCC evaluated U.S. Bank’s overall mortgage lending efforts, including home purchases, home improvement and refinance loans and small business, as well as community development lending and investments from Jan. 1, 2003, through Dec. 31, 2005.
The OCC report noted most of U.S. Bank’s community development loans addressed affordable housing needs or projects that helped to stabilize or revitalize low- to moderate-income areas. Also included in the report was information on U.S. Bank’s use of flexible loan programs, several of the bank’s nationwide loan programs that support affordable housing as well as small businesses, partnerships with local governments and non-profit organizations and the American Dream home loan program.
Congress passed the CRA in 1977 to ensure that financial institutions meet the credit needs of all areas that the institution serves, including low and moderate-income areas and people. Financial institutions, including banks, are examined in lending, investment and service categories every two years.