Vanessa Reed, Comerica’s Community Reinvestment Act manager, is acutely aware of the need to shore up customer confidence and stabilize local communities. Although banks and bankers are not usually known for commitment to community and personal caring, to every rule there is an exception, and Comerica’s Reed is it.
Reed directs support efforts to local organizations and businesses working to improve the quality of life in the Houston area. “We partner with a lot of different community group’s and nonprofit organizations that basically promote economic self-sufficiency for low- to moderate-income persons. Some of the [activities] we invest in are education, financial literacy, affordable housing, community development and revitalization. Where there are resources lacking [in terms of] critical needs, we try to address them,” the banking expert says of Comerica’s CRA Advisory Board programs.
In a time when consumers are reeling from bank closings and entrepreneurs worry about the security of their investments, the CRA manager works to put much of that fear to rest. “We invest in loan funds to help small businesses compete with businesses with more resources … and that’s part of Comerica’s corporate culture. [It] is what distinguishes us from other banking institutions,” explains Reed.
The Houston Regional School System is a primary focus for Reed and Comerica’s CRA activities. “We have been working with schools to promote financial literacy to middle schools and high school students. … [But] my advice to adults — [is to] pay off your debts and save, save save. The faster you can get out of debt and put some money aside, the better off you are,” she says.
–roz edward.
