Empowering communities: BMO receives Outstanding CRA rating for third consecutive time
BMO is proud to announce that we have once again received an Outstanding rating for our Community Reinvestment Act (CRA) performance from January 2020 to December 2022. This is a significant accomplishment – it’s the third consecutive time BMO has earned the highest possible rating, which fewer than 10 per cent of banks have received over the past 10 years. It is a testament to BMO’s commitment to supporting homeownership, growing small businesses, strengthening communities and creating a more equitable society.
BMO community development (CD) activities during the exam period resulted in 1,018 CD loans totaling over $4.5 billion, 2,107 investments totaling over $1.6 billion, and 16,244 volunteer hours, including 600 financial education events reaching 13,697 individuals. BMO’s EMpower initiative, which was launched in 2020, played a role in achieving the Outstanding rating. In just two years, BMO surpassed our $5 billion commitment by investing and lending over $5.5 billion to address key barriers faced by minority business, communities and families in underserved areas. Within this initiative, 77 per cent of BMO’s efforts were CRA qualified.
“Achieving an Outstanding CRA rating is no small feat, especially while navigating a global pandemic and finalizing preparations for the approval, closing and integration of Bank of the West. This recognition reaffirms our commitment to living our Purpose. At BMO, success isn’t solely measured by financial performance, but also by the impact we have on the individuals, families and communities we serve, and how our growth allows us to do more to Boldly Grow the Good in our communities. We will continue to prioritize community reinvestment, working closely with our community partners and stakeholders, driving progress for a more equitable future.”
– Darrel Hackett
Chief Executive Officer, BMO U.S.
For BMO, CRA is not just a regulatory requirement – it’s ingrained in the culture and is a testament to our Purpose to Boldly Grow the Good in business and life. Building on our success, BMO has launched EMpower 2.0, our more than $40 billion community benefits plan, which goes beyond financial commitments by fostering deep community-driven engagements in markets across our expanded U.S. footprint.
The Outstanding rating is a source of pride for everyone at BMO. It acknowledges the collective effort of employees who have contributed their time and financial resources to achieve this milestone. BMO remains steadfast in our commitment to responsible banking – and creating a better future for all through continued community investment.