Transparency
When radical transparency is the norm, people gain access to information and wake up to their agency in the banking system. At Beneficial State, we share our shortfalls just as much as our successes and lead by example as we demand greater accountability in the banking system. Through third-party audits from federal, state and county agencies, as well as industry-based impact evaluators, we illustrate our commitment to living our values of social and environmental responsibility and accountability to all of our stakeholders.
B Lab
B Lab is the nonprofit organization that developed the B Corporation certification for businesses that meet rigorous standards of social and environmental performance, accountability, and transparency.
B Lab is the nonprofit organization that developed the B Corporation certification for businesses that meet rigorous standards of social and environmental performance, accountability, and transparency. Beneficial State Bank has been honored as one of the Best for the World Overall every year since 2013. We are the third highest scoring B Corporation in the United States, and one of the top 5 highest scoring Certified B Corporations in the world. See a breakdown of our impact score.
CDBA
Community Development Bankers Association
CDBA is a national trade association of community development bankers and a champion of the industry, educating policy makers, regulators, and legislators on the importance of community development banks.
CDBA is a national trade association of community development bankers and a champion of the industry, educating policy makers, regulators, and legislators on the importance of community development banks. As a CDBA member bank, Beneficial State is committed to serving low- and moderate-income communities, providing fair credit to those who lack access to it, and promoting community development. Learn more about CDBA here.
CDFI
Community Development Financial Institution
CDFIs are financial institutions that are dedicated to delivering responsible, affordable lending to help low-income, low-wealth, and disadvantaged people and communities join the economic mainstream.
CDFIs are financial institutions that are dedicated to delivering responsible, affordable lending to help low-income, low-wealth, and disadvantaged people and communities join the economic mainstream. Beneficial State Bank is a certified CDFI since 2009 and we have received numerous CDFI grants to support our work. Learn more about what it means to be certified.
CRA
Community Reinvestment Act Rating
The CRA requires all financial institutions to meet the needs of the communities in which they do business, including low- and moderate-income (LMI) communities.
The CRA requires all financial institutions to meet the needs of the communities in which they do business, including low- and moderate-income (LMI) communities. Federal regulators evaluate how well a bank is fulfilling these obligations and assign a CRA rating of Outstanding, Satisfactory, Needs to improve, or Substantial noncompliance. Beneficial State Bank’s 2019 CRA rating is Outstanding. View our full performance evaluation.
GABV
Global Alliance for Banking on Values
GABV is an international network of values-based banks with a shared mission of using finance to deliver sustainable economic, social and environmental development. As a member, we adhere to GABV Principles of Sustainable Banking.
GABV is an international network of values-based banks with a shared mission of using finance to deliver sustainable economic, social and environmental development. As a member, we adhere to GABV Principles of Sustainable Banking. Additionally, we serve on its board and several committees; through this service, we work with our fellow members to strengthen the GABV’s triple bottom line banking standards, participate in initiatives with our fellow members to make major accomplishments. See our GABV scorecard results.
JUST Label
The International Living Future Institute’s™ JUST™ program is a voluntary disclosure program and tool for all types and sizes of organizations, acting as “nutrition label” for socially just and equitable organizations.
The International Living Future Institute’s™ JUST™ program is a voluntary disclosure program and tool for all types and sizes of organizations, acting as “nutrition label” for socially just and equitable organizations. Beneficial State is one of the first companies to choose to disclose its information through this label. Organizations are labeled with up to three stars for each social and environmental indicator, depending on their demonstrated and documented level of commitment to each. Learn more about our label.
UNEP FI
United Nations Environment Program Finance Initiative - Principles for Responsible Banking
The UNEP FI developed six principles to serve as a framework for the development of a sustainable banking industry. It holds the banking industry responsible for contributing to society’s goals and empowering the societies we serve to build better futures.
The UNEP FI developed six principles to serve as a framework for the development of a sustainable banking industry. It holds the banking industry responsible for contributing to society’s goals and empowering the societies we serve to build better futures. Beneficial State Bank is a signatory and endorser. See our current (2022) progress report here and our first report here. We are committed to continuing our triple-bottom-line standards on a global level and setting our targets in alignment with UN Sustainable Development Goals and Paris Climate Agreement. Learn more about UNEP FI and its Principles.