Community Reinvestment Act and HSBC Community Development


Community Reinvestment Act (CRA)

The federal Community Reinvestment Act (CRA) was enacted to ensure that everyone has access to credit and banking services. The CRA mandates that federally-insured depository institutions help meet the credit needs of the communities in which they are located, including the needs of people with low and moderate incomes and their neighborhoods.

HSBC's Community Development department is a dedicated unit in HSBC Bank USA, N.A., (HSBC Bank) that focuses on CRA performance. The most recent CRA examination of HSBC Bank was conducted by the Office of the Comptroller of the Currency (OCC) on September 30, 2012. The bank received an Outstanding rating. The official performance evaluation (PE) is attached below and is also located in the bank's public file.

Community Reinvestment Act Performance Evaluation: September 30, 2012 (149-page PDF 709KB)*

This document is an evaluation of HSBC's record of meeting the credit needs of its entire community, including low and moderate-income neighborhoods, consistent with the safe and sound operation of the institution.

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HSBC Community Development

HSBC Bank helps communities through partnerships with community groups, products and services that meet local credit needs and the provision of accessible and convenient banking services. HSBC employees also play a significant role in community development by contributing their time and expertise to make our communities better places to live and work.

Affordable homeownership

HSBC Bank offers a number of affordable mortgage programs. For example, the low-interest rate mortgage program CommunityWorks was created for borrowers with limited funds for down payment and closing costs.

In addition, HSBC Bank, through its membership with the Federal Home Loan Bank of New York, offers The First Home Club in collaboration with the bank's community partners.

 Equal Housing Lender.

Small business

HSBC Bank offers a full range of lines of credit and long-term financing to help a business grow. Experienced business bankers are available to work with business owners to structure financing to meet the particular needs of the business, including lines of credit, term loans, commercial mortgage loans and business credit cards.

Learn more about small business lending.

Community Development loans and investments

HSBC Bank meets its CRA responsibilities by making loans to and equity investments in community-based organizations engaged in:

  • affordable housing development
  • economic development
  • activities and services targeting low and moderate-income individuals and communities

We work with community development financial institutions, community development corporations, and national intermediaries on a wide range of activities that meet CRA requirements.

Over the past two years, HSBC has made more than $1 billion in community development loans to commercial businesses, small businesses, affordable housing projects, credit unions and community development financial institutions.

Service

HSBC is connected and committed to the cities and neighborhoods in which we do business. HSBC Bank's community development officers are located in all major areas that the bank operates and work closely with community organizations to ensure the bank is ready to respond to a community’s credit needs. The staff of the HSBC community development department works with community groups and provides technical assistance to community groups. Community development officers also serve on organization boards and loan committees, provide educational seminars and sponsor community events and activities.