Ally Bank Earns Fourth Consecutive 'Outstanding' CRA Rating

Core Insights - Ally Bank has received an "Outstanding" rating on its Community Reinvestment Act (CRA) performance evaluation by the Federal Reserve Board, marking its fourth consecutive highest rating since 2017, placing it among the top 15% of U.S. financial institutions evaluated under the CRA [1][2][3] Community Investment Highlights - During the 2023-2024 exam period, Ally Bank delivered $2.68 billion in community development loans and investments, which included: - $1.7 billion in community development investments, with $1.47 billion specifically supporting affordable housing - $734.4 million in community development loans, including $138 million for economic development and community services - $3.4 million in grants to non-profit organizations focused on community development and economic mobility - 1,685 employee volunteer hours dedicated to financial literacy initiatives and nonprofit partnerships [2][5] Specific Projects and Initiatives - Ally Bank provided a $35 million loan to Lendistry, which supported over 1,300 startups in 2023 - An $11.7 million real estate construction loan was issued to Ogden PSH, LLC for a Low-Income Housing Tax Credit rental project aimed at chronically homeless individuals, with units reserved for homeless veterans and people with disabilities - A $5 million investment was made into ResilienceVC, an early-stage venture fund targeting scalable financial technology startups that enhance financial resilience for users [5]