GREENWOOD – Discover Bank has received an Outstanding rating on its Community Reinvestment Act (CRA) review, a process that assesses banks’ record of helping to meet the credit needs of low- and moderate-income neighborhoods.
It is the fifth time in six exam cycles since 2004 that the bank, which is primarily a marketer and originator of credit cards and the operator of the Discover Network credit card interchange, has received an Outstanding rating from the Federal Deposit Insurance Corp. (FDIC).
“Bank management has been creative in designing and implementing the bank’s CRA program, which includes providing loans and investments through partnerships with various for-profit and nonprofit organizations and financial institutions,” the FDIC said in the report. “The bank has also provided responsive grants and significant technical expertise to address community development needs.”
Discover has only one branch and provides financial services through a nationwide direct bank strategy, using internet, mail, and phone. Loan products include personal credit cards, personal loans, student loans, home equity loans, deposit products, and small business credit cards.
Image display: Matt Parks, Amy Walls and Jim Roszkowski at NDC | Photo c/o Discover Bank