Community Reinvestment Act


Hubert the Lion, the mascot for BMO Harris Bank, attends a Community Open House with bank employees

In the U.S., legislation called the Community Reinvestment Act (CRA) encourages financial institutions to meet the credit needs of all customers, including those who are low and moderate income or who live in low and moderate income neighbourhoods. But for us, that’s just one dimension of a broader commitment that extends from community-based financial literacy programs and small business financing to major urban redevelopment projects.


Here to help our customers and communities

BMO Harris provides mortgages to thousands of qualified, low income home buyers every year. We use programs like I-REFI to help members of at-risk communities in Illinois keep their homes.

We also make available millions of dollars in credit for small businesses, and advance community projects in low- and moderate-income areas through our expertise in accessing government funding and structuring financing, along with our strategic partnerships with housing agencies and elected officials.

Working with private industry, government and community partners, we have helped to build libraries and community centres that offer spaces to gather, learn and grow.

BMO Harris employees provided financial education outreach to more than 10,400 people in 2019.

Recognition for our CRA approach

In recognition of this work, BMO Harris Bank earned an “Outstanding” CRA rating in our most recent examination. All U.S. banks are assigned a CRA performance rating that measures their impact in the communities where they do business. The “Outstanding” designation – the OCC’s highest – is rare and hard-earned; less than 10% of U.S. banks attain it. This recognition is an indication that we are doing good work, as we continue to grow.

BMO Harris Bank provided US$610 million in community development loans in 2019.