Federal Reserve Board Awards Comerica Bank Top Mark in Community Reinvestment Act Review
The examination consisted of a review of the bank's 2023 and 2024 Home Mortgage Disclosure Act (HMDA) and CRA small business lending data, as well as community development loans, investments and services between
- 7,200 mortgage loans totaling $1.8 billion and 11,500 small business loans totaling $2.8 billion inside
Comerica's assessment areas; - 800 community development loans totaling $3.7 billion inside assessment areas (84% of the loans – by count – were purposed for economic development);
- 1,000 community development donations totaling $10.9 million and investments totaling more than $250 million;
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Comerica employees provided 19,000 hours of financial education and small business technical assistance to benefit low- to moderate-income individuals and communities; - Comerica BusinessHQ, a collaborative space established in
Dallas in early 2023, was created to function as part of theSouthern Dallas small business ecosystem and serve as an epicenter of vetted, credible community partners to present effective and impactful small business incubation and technical assistance. This unique community resource provides no-cost coworking spaces, technical resources and assistance and fellowships. Since its inception, BusinessHQ has served more than 4,387 members.
The Community Reinvestment Act (CRA), enacted in 1977, requires the
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