#Truist Financial #Community Reinvestment Act #CRA Rating

Truist Financial Corporation Achieves Outstanding CRA Rating

In a remarkable feat, Truist Financial Corporation (NYSE: TFC) has been awarded the top rating of "Outstanding" by the Federal Deposit Insurance Corporation (FDIC) for its recent examination under the Community Reinvestment Act (CRA). This examination covered the period from January 1, 2020, to December 31, 2022, marking a crucial time during which banks were called upon to support their communities, especially in light of challenges presented by the COVID-19 pandemic.

The CRA aims to ensure that banks assist in meeting the credit needs of the communities they serve, particularly in low- and moderate-income (LMI) neighborhoods. This recognition reflects Truist's deep commitment to enhancing lives and communal prosperity through financial support and services. "Receiving an 'Outstanding' CRA rating is a testament to the exceptional expertise and care Truist teammates provide to help meet the unique needs of all the communities we serve," said Anthony Weekly, Truist's Chief CRA and Community Development Officer.

During the examination period, Truist demonstrated significant contributions through various lending activities:

• - The bank made an impressive total of 845,332 loans across home mortgages, small businesses, and farms, amounting to $151.9 billion directed towards LMI individuals and areas.
• - They also originated 7,174 community development loans totaling $16.1 billion, reflecting growth of over 300% in both the number and value of these loans compared to the previous examination.
• - Furthermore, Truist executed 6,143 qualified investments totaling $5.8 billion, surpassing the previous evaluation period’s contributions significantly.

The initiatives put forth also emphasized affordable housing, with $4.4 billion of investments directed specifically to this vital area of community support. In addition to robust lending, Truist engaged in approximately 12,938 community development service activities, a 55.2% increase from the last evaluation.

The context of the examination was notably challenging due to the COVID-19 pandemic, which saw Truist stepping up to provide essential resources and support during this crisis. They ranked as the fourth-largest lender in the Paycheck Protection Program (PPP), approving around $16.3 billion in loans that assisted approximately 80,000 small business clients, protecting over 2 million jobs.

To further their commitment during such trying times, Truist introduced the Truist Cares initiative in March 2020, allocating over $50 million to meet fundamental needs and provide medical supplies across the nation. In addition, they facilitated around 900,000 COVID-19 relief accommodations, impacting nearly $50 billion in loan balances for consumers and businesses alike.

Truist's efforts have not gone unnoticed, and their work is a part of a broader commitment made during their merger in 2019—a $60 billion Community Benefits Plan aimed at driving change in LMI and majority-minority communities. The results have been compelling: by the conclusion of the examination period, Truist reported total lending, investing, and philanthropic activities reaching $75.4 billion, exceeding their initial commitment by a noticeable margin.

As they look toward future initiatives, Truist announced the launch of **