Community benefits agreements (CBAs) are a way for banks to spell out, in writing, how they will satisfy CRA requirements when they merge. The agreements are between banks and community groups.
National Community Reinvestment Coalition (NCRC) President and CEO urged more lending and better service for low- and moderate-income communities (LMI) in remarks they made at two recent hearings on the proposed merger between BB&T Bank Corporation and SunTrust Banks, Inc.
The plan will increase access to financial resources within low- to moderate-income (LMI) communities in Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee, Texas, and Virginia.
The $22 billion-asset company, which has been an aggressive acquirer in recent months, said in a press release last week that it had worked with the National Community Reinvestment Coalition on the five-year plan.