Banking Dive: BMO unveils $40 Billion community benefits plan

Banking Dive, November 29, 2022, BMO unveils $40 Billion community benefits plan

BMO developed the plan with input from more than 85 community groups through listening sessions facilitated by the National Community Reinvestment Coalition (NCRC) and the California Reinvestment Coalition (CRC). A number of community advocates expressed their concerns over the deal during a July public hearing held by the Federal Reserve and the Office of the Comptroller of the Currency (OCC). Many reservations centered on BMO’s track record of mortgage lending to nonwhite borrowers and the deal’s potential impact in California.

“We have a duty to continue addressing the barriers that disproportionately affect people of color and remain committed to creating more opportunities that achieve progress for all,” David Casper, BMO’s U.S. CEO, said Monday in a statement.

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