#United States #Ally Bank #Salt Lake City #CRA Rating #Community Investment

Ally Bank's Continued Excellence in Community Engagement

Ally Bank, recognized as the largest all-digital bank in the United States, has achieved remarkable recognition for its commitment to community service. Recently, it was awarded an 'Outstanding' rating from the Federal Reserve Board during its latest Community Reinvestment Act (CRA) performance examination. This commendation marks the fourth consecutive time Ally Bank has received the highest possible score, securing its place among the top 15% of U.S. financial institutions evaluated under the CRA.

A Testament to Commitment

Reflecting on this prestigious achievement, Hope Mehlman, Ally's Chief Legal and Corporate Affairs Officer, emphasized the significance of community engagement as a cornerstone of the bank’s long-term success. Mehlman stated, “Ally's fourth consecutive 'Outstanding' CRA rating reflects that doing right by our communities is foundational to our long-term business success.” This statement underscores Ally's integral approach to prioritizing the needs of its communities, recognizing that its growth aligns closely with community development.

Significant Contributions

Over the evaluation period from 2023-2024, Ally Bank demonstrated its dedication to community reinvestment through a substantial $2.68 billion in community development loans and investments. The breakdown of these contributions is noteworthy:

• - $1.7 billion was allocated for community development investments, with $1.47 billion specifically directed towards affordable housing initiatives.
• - $734.4 million was designated for community development loans, including $138 million aimed at enhancing economic development and community services.
• - The bank also provided $3.4 million in grants to various non-profit organizations, enhancing community development and promoting economic mobility.
• - Additionally, Ally's employees dedicated 1,685 hours to volunteer efforts that focused on financial literacy initiatives and nonprofit partnerships.

Making a Real Impact

Some impactful examples of Ally's community investments include:

• - A $35 million loan to Lendistry, a prominent small business lender, which successfully provided funding to over 1,300 startups in 2023.
• - An $11.7 million real estate construction loan awarded to Ogden PSH, LLC for a project aimed at providing rental units for chronically homeless individuals, specifically focusing on veterans and people with disabilities.
• - A $5 million investment in ResilienceVC, a venture fund supporting innovative entrepreneurs committed to enhancing financial services access for all Americans.

These efforts reflect Ally's dedication not just to banking, but to enhancing financial inclusivity across various communities.

Understanding the CRA

The Community Reinvestment Act, enacted in 1977, mandates that federally insured banks support the borrowing needs of all communities within their operational regions, paying particular attention to low- and moderate-income areas. Banks undergo evaluations periodically, assessing their lending practices, investment activities, and service outreach.

Ally Bank’s consistent top-tier ratings signal a robust commitment to ensuring equitable access to financial resources, aligning perfectly with their corporate mission to provide exceptional service and support to underserved communities.

For more insights into Ally Bank's community development initiatives, you can visit their official website. This latest rating not only celebrates Ally's past achievements but also sets a high standard for future community engagement efforts, as it strives to enhance its impact on society further.

Ally Bank continues to embody the spirit of corporate social responsibility, proving that commitment to community and business acumen can successfully coexist and flourish together.