New MAHA Report on CRA Ratings is Released

In 2012, exactly one-fifth of Massachusetts banks (20 of 100) received an "Outstanding" rating on their Community Reinvestment Act evaluations from federal and state regulators, according to a report issued today by the Massachusetts Affordable Housing Alliance (MAHA). The percentage of "Outstanding" ratings remains dramatically lower than during the 2005-2007 period, when over one-third of all CRA ratings were “Outstanding.”

The report was prepared for MAHA by Jim Campen, Professor Emeritus of Economics at the University of Massachusetts at Boston and a long-time member of MAHA's Board of Directors.

MAHA's twenty-second annual report lists the CRA ratings assessed to all Massachusetts banks, credit unions, and mortgage companies and evaluates the performance of the three federal regulators and the Massachusetts Division of Banks in reviewing bank performance in meeting community needs. The report finds that only 6 of 84 (7.1%) state-chartered credit unions in Massachusetts have an "Outstanding" CRA rating.

Our friends at Vargas & Vargas Insurance in Dorchester and Stoughton have issued a challenge - they will match all donations to MAHA by 5PM today up to $1,000 total! We have already raised $480 this morning - help us get all the way there by clicking on our Donate button right now.