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Metro Credit Union Achieves 'Outstanding' CRA Rating

Metro Credit Union has proudly announced that it received an overall 'Outstanding' rating under the Community Reinvestment Act (CRA) from the Massachusetts Division of Banks (DOB) for the examination period of 2021 to 2025. This prestigious designation is not only the highest possible CRA rating but also reflects Metro's strong commitment to addressing the credit needs of the communities it serves throughout Massachusetts.

Metro Credit Union is the largest state-chartered credit union in Massachusetts, contributing significantly to the financial landscape with assets amounting to approximately $3.2 billion. The importance of this CRA rating lies in its reflection of Metro’s high performance across all three CRA evaluation categories: lending, investment, and service.

Robert Cashman, President and CEO of Metro Credit Union, stated, "Earning an Outstanding assessment for the second consecutive exam period demonstrates Metro's unwavering commitment to making a meaningful difference in the communities we serve." This sentiment captures the essence of Metro’s mission, which is geared towards strengthening communities and assisting members in their financial journeys with tailored products and services.

Key Highlights from the CRA Evaluation

The Massachusetts Division of Banks praised several areas where Metro Credit Union excelled:
1. Strong Mortgage Lending: Metro has shown exemplary mortgage lending practices, especially towards low- and moderate-income borrowers.
2. Innovative Lending Programs: The credit union has developed flexible lending solutions that effectively meet local credit needs.
3. Support for First-Time Homebuyers: Metro offers specialized programs for first-time and low-income homebuyers, which feature low down payments, competitive rates, and no requirement for mortgage insurance.
4. Community Development Initiatives: The organization leads in community development lending, making impactful measures towards affordable housing in federally designated opportunity zones.
5. Significant Investments: Metro’s efforts extend to making substantial community development investments and donations, particularly in areas where private investors are generally absent.

Commitment to Community Development (2021-2025)

From 2021 to 2025, Metro demonstrated a solid commitment to community development and financial inclusion, evidenced by the following:

• - Mortgage-Backed Securities: Metro held CRA-qualified mortgage-backed securities valued at $5.4 million.
• - Community Development Lending: The credit union originated $77.1 million in community development loans, aimed at supporting affordable housing and revitalizing low- and moderate-income areas.
• - Qualified Investments: Metro made 294 qualified investments totaling about $9.9 million.
• - Affordable Mortgage Program: Under its affordable mortgage program initiated between 2022 and 2025, 58 loans were issued, amounting to $33.3 million in originations.
• - Credit Builder Loans: The credit union facilitated 284 loans designed to aid individuals in establishing or improving their credit, totaling $119,194.
• - Energy-Efficiency Loans: Through the Mass Save program, Metro issued 3,620 energy-efficiency loans amounting to $72.1 million, promoting sustainability and cost savings for residents.
• - Affordable Housing Loans: A significant loan of $5.2 million was provided for the acquisition of two residential buildings in Methuen, MA, which comprise 36 affordable units compliant with HUD Fair Market Rent standards.
• - Certified Deposits: Metro made 16 certified deposits in low-income credit unions, valued at $3.9 million.

Conclusion

Metro Credit Union stands out not just as a financial institution but as a vital partner in community development and financial inclusivity in Massachusetts. Its consistent performance underscores its commitment to empowering its members and fostering community growth. As it continues to provide financial solutions tailored to the needs of its diverse member base, Metro establishes itself as a model for credit unions and financial institutions nationwide. To learn more about Metro Credit Union and its initiatives, please visit MetroCU.org.