From January 1, 2020 until December 31, 2024, Mechanics Bank will work at an annual level of CRA-eligible loans, investments and services, which account for 15% of the bank`s deposits in California. The plan includes investment objectives in local development, investments in affordable housing, small business loans, ownership, diversity of suppliers and philanthropy. In 2009, the Federal Reserve Banks of Boston and San Francisco revisited the CRA: Perspectives on the Future of the Community Reinvestment Act, which summarized the views of a wide range of academic researchers, regulators, community development practitioners and financial services on how to improve the rating agency in the future.  In its agreement with the CRC, CIT will launch a number of initiatives that will expand opportunities for communities of color in Southern California to achieve equal access to mortgages, down payments, financial education and other community credit development efforts. These initiatives include the opening of a new branch and the federal housing administration`s (FHA) offer and non-jumbo loans to communities of colour, as well as the granting of grants to eligible borrowers for the purchase, refinancing or improvement of their homes. In addition, the company will offer and encourage language access services to home loan borrowers and translate mortgages into Spanish. The regulation also contains examples of initiatives to promote sustainable employment creation, maintenance and improvement. The regulatory authorities have completed the definition of community development activities which provide requirements for the creation or improvement of access to labour development and vocational training programmes for low- and middle-income or unemployed people. CRC`s approach to representing the interests of banks is based on clear and transparent research, analysis and public criteria that account to communities of colour and income communities. These agreements with the banks were negotiated with municipalities and community members around the table and resulted in commitments of 10 to 20% of California deposits to reinvest in local communities. The same bank agencies responsible for supervising the credit unions are also those that conduct compliance checks with credit rating agencies.  These agencies are the Federal Reserve System (FRB), the FDIC and the Office of the Comptroller of the Currency (OCC).
In order to contribute to the achievement of the rating agency`s objectives, each of the Federal Reserve banks established a Community Affairs Office in 1981 to cooperate with banks and the public to determine the credit needs within the Community and how these needs are taken into account.  The plan supports THE announced acquisition of Mutual of Omaha Bank by CIT Bank and includes investment commitments in colourful low- and middle-income neighbourhoods in the small business, affordable housing and community development sectors, as well as the expansion of banking services in low-income municipalities and neighbourhoods of color. The plan includes a five-year, $600 million commitment for community development in San Bernardino County. This agreement, negotiated as part of Flagstar`s acquisition of Deert Community Bank, meets CRC`s gold standard for banking investments, credits and services in communities of colour and income.