Community Reinvestment Act - Implement Internationally

2004 – Bank of America Corp.

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: Adrian Dominican Sisters, Sr. Annette Sinagra, O. P.; United Methodist Church -General Board of Pension & Health Benefits, Sr. Laurie Michalowski, SSSF; Catholic Healthcare West; Dominican Srs. of Hope; Maryknoll Fathers and Brothers; Maryknoll Sisters; Mercy Investment Program (was Mercy Consolidated Asset Management Program); Srs. of Charity of St. Elizabeth, NJ; Srs. of Mercy Reg. Community of Detroit Charitable Trust; Srs. of St. Dominic of Caldwell, NJ; Ursuline Srs. of Tildonk, US Province