Of the 60 CRA ratings awarded to Massachusetts banks during 2024, twelve (20%) were "Outstanding," according to the annual CRA Ratings of Massachusetts Banks, Credit Unions, and Licensed Mortgage Lenders report by the Massachusetts Affordable Homeownership Alliance (MAHA). This percentage is higher than the average percentage of "Outstanding" ratings during the preceding ten years (15.0%), although slightly below last year's 21.2%.

The report was prepared for MAHA by Jim Campen, Professor Emeritus of Economics at the University of Massachusetts Boston and a long-time member of MAHA's Board of Directors.

MAHA's thirty-fourth 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.

Some of the key findings of the report are:

The state's seven biggest banks were all rated "Outstanding" in their most recent CRA exams: State Street (#1), Bank of America (#2), Citizens (#3), Santander (#4), TD Bank (#5), Eastern (#6), and Rockland Trust (#7).

Eighteen licensed mortgage lenders (LMLs) received CRA for Mortgage Lenders ratings during 2024; one of these ratings was "High Satisfactory," fifteen were "Satisfactory," while two were "Needs to Improve."

Three of the 48 state-chartered credit unions (6.3%) have "Outstanding" ratings: Align CU and Jeanne D'Arc CU (both of Lowell) and Metro CU (Chelsea).

Click here to read the full report.

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