Innovative CRA Programs Win Recognition.Business Editors SAN FRANCISCO--(BUSINESS WIRE)--April 18, 2000 Four innovative Community Reinvestment Act Community Reinvestment Act (CRA) Enacted by Congress in 1977, the CRA encourages banks to help meet the credit needs of their communities for housing and other purposes, particularly in neighborhoods with low or moderate incomes, while maintaining safe and sound operations. (CRA See Community Reinvestment Act. ) programs that have significant impact in their communities were chosen as the top winners in a competition sponsored by the Federal Home Loan Bank of San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden (FHLBSF FHLBSF Federal Home Loan Bank of San Francisco ) and the Federal Reserve Bank of San Francisco The Federal Reserve Bank of San Francisco is the federal bank for the twelfth district in the United States. The twelfth district is made up of nine western states—Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington—plus American Samoa, (FRBSF FRBSF Federal Reserve Bank of San Francisco (California) ). Held in conjunction with the FRBSF's Community Reinvestment Conference 2000, the competition drew more than 60 qualified entries from throughout the country. A panel of community development professionals judged the competition and selected the following winners in four categories: Bank One Arizona, based in Phoenix, for lending; Nevada Bank & Trust of Caliente, Nevada Caliente is a city in Lincoln County, Nevada, United States. The population was 1,123 at the 2000 census. Geography Caliente is located at (37.615199, -114.514106)GR1. , for service; Cleveland, Ohio-based KeyBank for investment in Seattle; and both Commerce Bank of Washington and KeyBank for community development in Seattle. "We received many outstanding submissions for these awards," said Jim Yacenda, vice president and community investment officer of FHLBSF. "It is our hope that by acknowledging the efforts of these financial institutions, we can enhance the success of community development programs across the country." Joy Hoffmann Molloy, director of public information and community affairs for the FRBSF, added, "showcasing successful CRA programs and sharing best practices can help boost much-needed services and investment in low- and moderate-income communities." The winners are: Lending--Bank One Arizona Bank One Arizona, based in Phoenix, used Bank Enterprise Award funds from the Department of the Treasury to offer low-cost predevelopment loans to nonprofit affordable housing developers throughout Arizona. These loans have filled a critical credit need and have resulted in the creation of over 100 units of affordable housing. Service--Nevada Bank & Trust Nevada Bank & Trust, based in Caliente, Nevada, opened a branch on the Duck Valley Indian Reservation The Duck Valley Indian Reservation was established as a homeland for members of both the Shoshone and Paiute tribes of Native Americans. It lies on the state line between Idaho and Nevada in the western United States. in Owyhee, Nevada, to serve the credit needs of the Shoshone-Paiute Tribes. It is the only financial institution within 100 miles of the reservation. The bank leases space from the tribe and has helped create a credit co-op for tribal members. Investment--KeyBank KeyBank, based in Cleveland, Ohio, worked closely with a consortium of financial institutions and Pioneer Human Services of Seattle, Washington, to establish Pioneer Social Ventures. This fund will be used to acquire businesses in which Pioneer will train and employ its clients. Pioneer Human Services provides rehabilitation, housing, job training, and employment for persons at the margins of society, particularly former substance abusers and ex-offenders. Community Development--Commerce Bank of Washington and KeyBank Both Commerce Bank of Washington, based in Seattle, and Cleveland-based KeyBank are leading supporters of The Compass Center of Seattle, Washington. The Compass Center, a nonprofit organization Nonprofit Organization An association that is given tax-free status. Donations to a non-profit organization are often tax deductible as well. Notes: Examples of non-profit organizations are charities, hospitals and schools. that provides transitional housing and services to the homeless population, operates a Women's Center, a Hygiene Center, and a Community Banking Program. Commerce Bank and KeyBank have supported these programs with loans, technical assistance, and charitable contributions. Certificates of Merit were also awarded to Ronan State Bank of Ronan, Montana, for lending; BankPacific of the Northern Mariana Islands Northern Mariana Islands (märēä`nä), commonwealth associated with the United States (2005 est. pop. 80,400), c.185 sq mi (479 sq km), comprising 16 islands (6 inhabited) of the Marianas chain (all except Guam), in the W Pacific for lending; Union Bank of California Union Bank of California is one of the 30 largest commercial banks in the United States. It has 327 branches, the majority of which are in San Diego, Los Angeles and Orange Counties. for service; Wells Fargo for investment; and Santa Barbara Bank & Trust for community development. Through its 260 member financial institutions, the Federal Home Loan Bank of San Francisco is instrumental in providing low-cost funding and other services that help community lenders promote homeownership and make loans that build neighborhoods and communities. The Bank also funds community investment programs that help members create affordable housing and that foster partnerships among lenders, housing developers, community organizations, and government agencies. With over $100 billion in assets, the Bank is the largest of the 12 banks in the Federal Home Loan Bank System Noun 1. Federal Home Loan Bank System - the central credit system for thrift institutions financial institution, financial organisation, financial organization - an institution (public or private) that collects funds (from the public or other institutions) and . It serves and is owned by commercial banks, credit unions, savings institutions and industrial loan companies headquartered in Arizona, California, and Nevada. The Federal Reserve Bank of San Francisco organizes a Community Reinvestment Conference every other year, bringing regulators, bankers, and community development professionals together to provide technical expertise, stimulate dialogue, and share innovative ideas--all aimed at increasing investments in low- to moderate-income communities. The largest of 12 Banks throughout the Federal Reserve System, the FRBSF provides wholesale banking services to financial institutions in the nine western states through the head office in San Francisco and branch offices in Los Angeles, Portland, Salt Lake City, and Seattle. As the nation's central bank, the Federal Reserve System formulates monetary policy, serves as a bank regulator, administers consumer protection laws consumer protection laws n. almost all states and the federal government have enacted laws and set up agencies to protect the consumer (the retail purchasers of goods and services) from inferior, adulterated, hazardous and deceptively advertised products, and , and is fiscal agent for the U.S. government. Note: The full texts of all the award submissions are available at the Community Affairs section of the Federal Reserve Bank of San Francisco's web site at http://www.frbsf.org. |
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