Location intelligence technology helps Bank of America exceed compliance mandates
Serving all income levels equally
With the objective of receiving an outstanding ranking on Community Reinvestment Act compliance efforts, while maintaining bottom-line profitability, Bank of America needed to identify current and future locations for its banking centers. The law requires banks to locate branches where they will serve moderate-and low-income neighborhoods. With the goal of improving site selection decision making, the bank turned to Precisely for its mapping and geographic analysis expertise and location intelligence technology.
The Community Reinvestment Act (CRA) calls for banks to meet the needs of borrowers in all segments of their communities, including low-and moderate-income neighborhoods. Banks undergo federally required performance testing to evaluate their CRA compliance level. In turn, these exam scores have a significant impact on an institution’s image with federal regulators and can affect a bank’s applications for new branches or for mergers and acquisitions. Bank of America needed a precise and accurate way to identify sites for new locations and to demonstrate compliance to regulators.