The Community Reinvestment Act "CRA", passed by Congress in 1977, encourages financial institutions to help meet their communities' needs - through safe and sound lending practices and by providing retail banking and community development services.
An amendment to the Community Reinvestment Act in 1990 requires that each bank's CRA rating be made public. Accordingly, banks and thrifts must maintain a public CRA file that contains the public section of their most recent CRA Performance Review, a list of services and branches, written comments from the public, and certain other information.
In addition, banks must post a notice in their lobbies that describes the purpose of the Community Reinvestment Act. This notice also explains that the public has a right to review the bank's CRA file and to make written comments about the bank's CRA performance. Also, the notice provides the name of the federal regulator of the bank and states whether the bank is owned by a holding company.
If you have any questions or would like copies of Colonial's Public File, please contact
Robert Turner, VP and CRA Officer.
The following document and attachments comprise the updated CRA Public File for Colonial Savings, F.A. for the year 2017.
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