Truist Financial announced it received the highest overall rating of "Outstanding" from the Federal Deposit Insurance Corporation for its most recent Community Reinvestment Act examination period, from 2020-2022. The CRA encourages banks to help meet the credit needs of communities in which they operate, including low- and moderate-income (LMI) neighborhoods, consistent with safe and sound banking operations.
"Receiving an 'Outstanding' CRA rating is a testament to the exceptional expertise and care Truist teammates provide to help meet the unique needs of all the communities we serve through lending, investments and services—including during an especially challenging time as we responded to the COVID-19 pandemic to care for our clients and teammates," said Truist Chief CRA and Community Development Officer Anthony Weekly. "This recognition embodies our purpose to inspire and build better lives and communities."
During the examination period of Jan. 1, 2020, to Dec. 31, 2022, Truist:
- Made 845,332 home mortgage, small business, and small farm loans totaling $151.9 billion to support LMI individuals and geographies.
- Originated 7,174 community development loans totaling $16.1 billion, an increase of 304.6% and 154.7% respectively from the prior exam period's (2017-2019) community development loans.
- Made significant use of innovative or complex investments to support community development initiatives, delivering 6,143 qualified investments totaling $5.8 billion—significantly higher than the $1.8 billion provided during the prior evaluation period; $4.4 billion of the investments support affordable housing.
- Responded to exceptional environmental factors and introduced new service delivery models to deliver 12,938 community development service activities, an increase of 55.2% compared to the 8,334 activities reported in the prior exam period.
This examination period was marked by the COVID-19 pandemic. Throughout the pandemic, Truist engaged in extraordinary efforts to help teammates and clients navigate unexpected issues and hardships, achieving the following:
Truist was the fourth-largest lender by dollars in the Paycheck Protection Program (PPP), funding approximately $16.3 billion across nearly 120,000 loans to assist approximately 80,000 small business clients and help support over 2 million jobs.