Twelve out of Sixty-Eight Banks Recieve Outstanding CRA Ratings in 2021

February 4, 2022 – Of the 68 CRA ratings awarded to Massachusetts banks during 2021, twelve (17.6%) were “Outstanding,” according to a report issued today by the Massachusetts Affordable Housing Alliance (MAHA). The share of “Outstanding” ratings is down from 22.2% in 2020, but higher than in five of the six preceding years.  For federal regulators, the “Outstanding” share was 21.1% (8 of 38 ratings); for the state, the “Outstanding” share was 13.3% (4 of 30). .

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 thirty-first 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.

Eight of the state’s ten biggest banks were rated “Outstanding” in their most recent CRA exams: State Street (#1), Bank of America (#2), Citizens (#3), Santander (#4), TD Bank (#5), Eastern (#6), Rockland Trust (#7) and Silicon Valley Bank/Boston Private (#10).  This is up from six last year, and five at the end of 2017, 2018, and 2019.   First Republic (#8) and People’s United (#9) have most recent ratings of “Satisfactory.”

Fifteen licensed mortgage lenders (LMLs) received CRA for Mortgage Lenders ratings during 2021; none were "Outstanding," fourteen of the ratings were “Satisfactory,” while one was “High Satisfactory.”  Of the 74 currently-licensed LMLs that have ever received CRA for Mortgage Lenders ratings, two (2.7%) have current ratings of “High Satisfactory,” 68 (91.9%) have current ratings of “Satisfactory,” and four (5.4%) have current ratings of “Needs to Improve.”