Community Reinvestment Act - Implement Internationally

2004 – Citigroup

Whereas the Community Reinvestment Act (CRA) has successfully increased mortgage loans for lower income borrowers and increased community development loans to lower income households, especially in lower income and emerging geographic areas. 

Whereas originating loans with such borrowers has proven to economically benefit our company as a result of new business development opportunities associated with CRA related lending activity.  

Whereas we believe a similar commitment by our company to originate loans in marginally served communities of emerging market countries will generate a leadership role for our company in the financial structure of these countries ultimately resulting in improved profitability for our company. 

Be it resolved that that the Board of Directors develop a policy defining community development for lower income households and lower income geographic areas in emerging market countries and require its retail subsidiaries in each country to allocate for this purpose a percentage of total loans and leases outstanding in that country that is comparable to that provided by the corporation in the United States and reported annually under the Community Reinvestment Act.

Sponsors:

Lead: United Methodist Church -General Board of Pension & Health Benefits, Sr. Laurie Michalowski, SSSF; Adrian Dominican Sisters; Camilla Madden Charitable Trust; Catholic Healthcare West; Congregation of the Passion- American Province; Maryknoll Sisters; Mercy Investment Program (was Mercy Consolidated Asset Management Program); Missionary Oblates of Mary Immaculate; Religious of the Sacred Heart of Mary; School Srs of Notre Dame Cooperative Investment Fund; School Srs. of Notre Dame of St. Louis; Srs. of Charity of St. Elizabeth, NJ; Srs. of Mercy Reg. Community of Detroit Charitable Trust; Srs. of St. Dominic of Caldwell, NJ;