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CB Access - Customers Bank

Customers Bank and Community Reinvestment

Committed to supporting the whole community

The Community Reinvestment Act (CRA)
The Community Reinvestment Act (CRA) is a federal law which was enacted by Congress in 1977 and is intended to encourage depository institutions to assess and to help meet the credit and other banking needs of their entire communities, including low- and moderate-income neighborhoods, consistent with safe and sound banking practices.

Our Commitment
Customers Bank is committed to supporting the communities we serve. We agree with the Community Reinvestment Act (CRA) mission to provide equal access to credit for all qualified applicants, both consumers and business owners in our service areas. To this end, we provide a wide range of loans, investments and services designed to meet the needs of low- to moderate-income populations. Customers Bank loans, investments and services are working hard to make a positive difference in all our service areas, from rural communities and small towns to large urban cities. At Customers Bank, we don’t just see CRA as a regulatory requirement, we see it as the right way to do business.

Building and Rebuilding
At Customers Bank, we don’t just talk about reinvesting in our communities, we do it. In addition to making mortgages more affordable for homebuyers, we work with small businesses to provide the financial and business support they need for start-up and long-term growth in their neighborhoods. We also provide crucial capital and credit to diverse local partners including community development financial institutions (CDFI), landlords and other community developers.

Making Housing Affordable
The backbone of every neighborhood are the families that live there and the homes they live in. At Customers Bank, we are committed to making safe, decent housing affordable for low- and moderate-income seniors, families, veterans and people with disabilities. Our lending philosophy includes consideration of participation in private-public partnerships, along with our direct lending to individuals and corporations. Customers Bank believes that its use of varied partnership options, between nonprofit and private affordable housing developers, other lenders, syndicators, and key government programs, will allow and help spur the creation of affordable housing throughout the areas where Customers Bank provides service. Customers Bank’s use of government loans and affordable mortgages makes owning a home a reality for many families with low and moderate incomes. We offer USDA, FHA and VA loans, as well as state programs that help first-time homebuyers, veterans and other qualified borrowers share in the American dream of homeownership. Customers Bank also participates in the Federal Home Loan Bank of Pittsburgh’s First Front Door program.

Supporting Small Business, Banking Services and Commercial Development
Customers Bank has deep roots in the communities we serve. We seek to strengthen those communities by providing a variety of financing options, primarily to privately-owned businesses of all sizes at work in our communities, including low- to moderate-income communities. Customers Bank understands that businesses located in the communities we serve are essential to community development and revitalization, especially in low- to moderate-income communities. We support those businesses by providing affordable commercial financing. Additionally, Customers Bank has made a substantial commitment to be a leader in leading programs tied to the SBA as another means of financing small businesses with reasonable terms and conditions.

Additionally, the development and success of shopping centers, office complexes, healthcare, social service and other public facilities are important to the vitality of our communities. We support this development by offering commercial real estate and commercial lending products. While we may have few brick and mortar branches, we make it easy for underbanked communities to bank with us through innovative products such as mobile banking, which allows customers to deposit checks and pay bills remotely, check balances, transfer funds and much more. We also provide customers with a single point of contact and concierge banking at their places of businesses to ensure they have access to the products and services they need.

CRA Service to Our Community
Providing financing for community growth is a central goal of Customers Bank. We are committed to the value of basic banking and responding to the needs of our diverse communities with the credit, investment and banking services they need.

But our efforts are not limited to just banking. We encourage our employees to volunteer their time and expertise to organizations that serve low- and moderate-income communities. At events ranging from reading readiness drives to health fairs, you will likely find Customers Bank employees rolling their sleeves up and getting involved. In addition, our team members teach free courses on spending, saving, borrowing and banking, sharing knowledge that can help people throughout our geographical footprint make sound financial decisions.

For more information, contact:

Nia (Patricia) Rock, MBA
Senior Vice President
Community Reinvestment Act Officer
101 Park Avenue, Suite 1101
New York, NY 10178
Office: (646) 601-7419
Mobile: (646) 853-3785
[email protected]