Community
Involvement
Throughout the years, Capital Bank has been a supporter for
Habitat for Humanity, the Boys & Girls Club, Sanford Pottery
Festival, North Carolina Theatre, North Carolina Symphony, and WRAL-TV’s
Coats for the Children Campaign, as well as many other local
organizations.
Many of these activities contribute to the Community
Reinvestment Act of 1977. As a community bank we are proud to support the
activities and groups that make the places we serve a wonderful
place to call home.
The
Community Reinvestment Act (CRA) was enacted in 1977 to prevent
redlining and to encourage banks and thrifts to help meet
the credit needs of all segments of their communities, including
low- and moderate-income neighborhoods. It extends and clarifies
the longstanding expectation that banks will serve the convenience
and needs of their local communities. The CRA and its implementing
regulations require federal financial institution regulators
to assess the record of each bank and thrift in helping to
fulfill their obligations to the community and to consider
that record in evaluating applications for charters or for
approval of bank mergers, acquisitions, and branch openings.
The federal financial institution regulators are: Office
of the Comptroller of the Currency; Board of Governors of
the Federal Reserve System; Federal Deposit Insurance Corporation;
and Office of Thrift Supervision.
The law provides a framework for depository institutions
and community organizations to work together to promote the
availability of credit and other banking services to underserved
communities. Under its impetus, banks and thrifts have opened
new branches, provided expanded services, adopted more flexible
credit underwriting standards, and made substantial commitments
to state and local governments or community development organizations
to increase lending to underserved segments of local economies
and populations.
CRA applies to federally insured depository institutions,
national banks, thrifts, and state-chartered commercial and
savings banks. |
