Today, the California Reinvestment Coalition announced that its members successfully negotiated a new Community Reinvestment plan as part of City National’s merger with Royal Bank of Canada. The plan, developed after several months of negotiations, calls for the bank to achieve a minimum of $11 billion in cumulative qualified CRA activity during the next five years. The $11 billion amount corresponds to the bank’s goal of reaching a level of qualified Community Reinvestment Act (CRA) activity equal to 15% of the bank’s normalized California deposits by 2021
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