BMO Financial Corp has announced that it has received an outstanding rating in the Community Reinvestment Act (CRA) Performance Evaluation, as assessed by the Office of the Comptroller of the Currency (OCC). The OCC's evaluation is based on a bank's adherence to federal law requirements, which set a standard for commitment to community reinvestment.
According to a press release by BMO, the bank has consistently maintained an outstanding rating in CRA evaluations over the past decade. In the period from January 1, 2020, to December 31, 2022, BMO's achievements included 1,018 community development loans exceeding $4.5 billion. This figure includes 648 Paycheck Protection Program (PPP) loans totaling over $1.6 billion. Furthermore, BMO made 2,107 investments totaling more than $1.6 billion and contributed 16,244 volunteer hours. These efforts featured 600 financial education events reaching 13,697 individuals.
"Achieving an Outstanding CRA rating is no small feat, especially while navigating a global pandemic and finalizing preparations for the approval, closing and integration of Bank of the West," said Darrel Hackett, Chief Executive Officer of BMO Financial Corp according to a press release by BMO. Hackett added that this recognition reaffirms their commitment to their purpose: Boldly Grow the Good in business and life. "At BMO," Hackett said, "success isn't solely measured by financial performance but also by the impact we have on individuals, families and communities we serve and how our growth allows us to grow more good in our communities." He confirmed that they would continue prioritizing community reinvestment and working closely with local partners and stakeholders to drive progress towards a more equitable future.
The OCC is an independent branch of the U.S. Department of Treasury responsible for overseeing and regulating national banks, federal savings associations and foreign banks' branches and agencies. According to the About webpage provided by the OCC, its responsibilities include issuing banking rules, conducting examinations, evaluating applications for new charters or branches, and imposing corrective measures to ensure compliance with laws and regulations.