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Community Reinvestment Act (CRA)
The federal Community Reinvestment Act (CRA) was enacted to ensure that everyone has access to credit and banking services. The CRA mandates that federally-insured depository institutions help meet the credit needs of the communities in which they are located, including the needs of people with low and moderate incomes and their neighborhoods.
HSBC's Community Development Department is a dedicated unit in HSBC Bank USA that focuses on CRA performance, managing the resources that help put community reinvestment to work on a daily basis. Our goal is not merely to meet these requirements but exceed them, since providing these services is not only good business, it is also the right thing to do.
The most recent CRA examination of HSBC Bank USA, N.A. ("HSBC Bank") was conducted by the Office of the Controller of the Currency (OCC) on October 5, 2009. The bank received an Outstanding rating. The official performance evaluation (PE) is attached below and is also located in the bank's public file.
This document is an evaluation of HSBC's record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with the safe and sound operation of the institution.
HSBC Community Development
HSBC Bank USA, N.A. ("HSBC Bank") helps revitalize our communities through partnerships with community groups, signature products and services that meet local credit needs, and the provision of accessible and convenient banking services. HSBC employees also play a significant role in community development, by contributing their time and expertise to make our communities better places to live and work.
HSBC's Community Activities
HSBC Bank offers a number of affordable mortgage programs and products to help make possible the American dream of owning a home. CommunityWorks® is HSBC Bank's signature affordable mortgage product.
In addition, HSBC Bank, through its membership in the Federal Home Loan Bank of New York, offers programs such as First Home Club and the Affordable Housing Program in collaboration with the bank's community partners. HSBC Bank assists qualified low-to-moderate income people to achieve their goal of homeownership through our support of programs such as First Home Club and special mortgage products.
HSBC Bank offers a full suite of competitively priced credit products to help small businesses prosper and grow. Experienced Business Bankers are available to work with business owners to structure financing to meet the particular need of the business.
Loans and Investments
HSBC Bank meets its CRA (Community Reinvestment Act) responsibilities by making loans to and equity investments in community-based organizations engaged in:
- affordable housing development
- economic development
- activities and services targeting low and moderate-income individuals and communities
We work with community development financial institutions, community development corporations, and national intermediaries on a wide range of activities that meet CRA requirements.
HSBC Bank's community development officers are located in all major areas of the bank's footprint, and work closely with community organizations within those areas to ensure responsiveness to community credit needs. The staff of the HSBC Community Development Department conducts outreach and provides technical assistance to community groups. Community Development officers also engage in a wide range of service activities, such as serving on organization boards and loan committees, providing educational seminars and sponsoring community events and activities.
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