Washington, D.C. – The Association of Military Banks of America (AMBA) and the Veterans Benefits Banking Program (VBBP) are pleased to announce a new opportunity for banks to potentially achieve Community Reinvestment Act (CRA) credit by participating in the Veterans Benefits Banking Program (VBBP). This program may allow banks to earn CRA credit while offering essential banking services to Veterans, VA beneficiaries, caregivers, and survivors.
By participating in VBBP, banks may earn credit under CRA’s service test. This includes providing access to financial services for low- and moderate-income (LMI) veterans and connecting them with valuable resources to improve their financial health. VBBP offers banks a way to track and document accounts opened by Veterans, beneficiaries, survivors, and caregivers in their assessment areas which helps make a meaningful impact on the financial stability of our Nation’s heroes.
“The VBBP is a win-win for banks and Veterans alike,” said Omuso George, President & CEO of AMBA. “By offering convenient banking services to Veterans and their families, these banks can earn CRA credit while making a positive impact in the communities they serve.”
Banks interested in learning more about how they can participate in VBBP and achieve CRA credit can download the flyer for more information.
