New MAHA Report on 2016 CRA Ratings Released; Quicken Loans Still Without A CRA Rating
January 23, 2017 - Of the 50 Community Reinvestment Act ratings awarded to Massachusetts banks during 2016, only 10% were “Outstanding", according to a report issued today by the Massachusetts Affordable Housing Alliance (MAHA). It is notable that all five of the “Outstanding” ratings were among the seven total ratings awarded by the OCC; not a single “Outstanding” rating was awarded by the FDIC, the Fed, or the state. For federal regulators, the “Outstanding” share was 16.7% (5 of 30 ratings); for the state, the “Outstanding” share was 0.0% (0 of 20).
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 twenty-sixth 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.