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Ally Bank has received its fourth consecutive "Outstanding" rating on its Community Reinvestment Act (CRA) performance evaluation by the Federal Reserve Board. The bank has delivered $2.68 billion in community development loans and investments, including $1.7 billion in community development investments, $734.4 million in community development loans, and $3.4 million in grants to non-profit organizations. Ally has a long-standing commitment to expanding access to capital in low- and moderate-income communities across the country.

Ally Bank, the nation's largest all-digital bank, has been recognized by the Federal Reserve Board with its fourth consecutive "Outstanding" rating on its Community Reinvestment Act (CRA) performance evaluation. This achievement places Ally among the top 15% of U.S. financial institutions evaluated under the CRA [1].

The CRA, adopted in 1977, requires federally insured deposit-taking institutions to support the borrowing needs of all the communities where they do business, including low- and moderate-income (LMI) areas. Ally Bank's commitment to community reinvestment is evident in its recent performance, with $2.68 billion in community development loans and investments during the most recent exam period (2023-2024) [1].

Ally delivered $1.7 billion in community development investments, with $1.47 billion supporting affordable housing. Additionally, $734.4 million in community development loans, including $138 million supporting economic development and community services, were provided. The bank also allocated $3.4 million in grants to non-profit organizations supporting community development and economic mobility, and contributed 1,685 employee volunteer hours focused on financial literacy initiatives and nonprofit partnerships [1].

Notable examples of Ally's impact include a $35 million loan to Lendistry, a small business lender that provided capital to over 1,300 startups in 2023, and an $11.7 million real estate construction loan to Ogden PSH, LLC for a Low-Income Housing Tax Credit (LIHTC) rental project for chronically homeless individuals [1].

Ally's commitment to expanding access to capital in LMI communities is further underscored by its $5 million investment into ResilienceVC, an early-stage venture fund focused on investing in visionary entrepreneurs making financial services work for all Americans [1].

This fourth consecutive "Outstanding" rating reflects Ally's long-standing dedication to community investment and its mission to be a "relentless ally" for customers and communities [1].

References:
[1] https://www.prnewswire.com/news-releases/ally-bank-earns-fourth-consecutive-outstanding-cra-rating-302532485.html