Academy Participation Can Improve CRA Rating
According to a Sept. 17, 1997, CRA interpretive letter from the banking regulators, financial institutions would receive favorable credit for participating in the Academy of Finance project based on the following description of activities:
- Active participation by financial institution personnel on Program advisory boards and other involvement with the Program such as appearing as guest classroom speakers, providing mentors to Academies with mentoring programs, assisting school districts with local staff development through teacher mentoring programs and by having bank staff teach financial principles to Program instructors.
- Financial contributions to the Program for student enrichment activities (e.g., field trips to stock exchanges, attendance at conferences, scholarships for exemplary graduates, etc.)
- Providing paid summer internships for students who have completed their junior year academic requirements and have successfully prepared for their internship experience. Internships are an extension of the curriculum of the Program in that they are educational activities that are monitored, structured and evaluated as part of a student's academic record in the Program. Participating institutions, therefore, provide students with meaningful and instructive internships, rather than merely summer jobs.
The regulatory agencies indicated that the financial education activities, as described, have a community development purpose if targeted to low- and moderate-income individuals. Therefore, examiners may consider them favorably during a CRA examination. For a copy of the interagency letter, please contact Judy Armstrong at (314) 444-8646.