WASHINGTON — Eighty-five percent of Americans are aware that they have access to a free credit report each year and 60 percent have checked their credit report within the past 12 months, according to a new survey released by the American Bankers Association. To help educate consumers about the importance […]
Federal Reserve: Formation of Community Advisory Council Announced
The Federal Reserve Board on Friday announced the formation of a new advisory council that will be comprised of individuals with consumer- and community development-related expertise. The Community Advisory Council (CAC) will provide information, advice, and recommendations to the Board on a wide range of relevant policy matters and emerging […]
CFPB: Safe Student Account Scorecard Released
Bureau Seeks Comment on Scorecard to Help Schools Avoid Promoting Products with Tricks and Traps WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) is seeking input on a “Safe Student Account Scorecard” that would help colleges to avoid partnering with financial institutions that offer checking and prepaid accounts with […]
ABA: Can Your Bank Help Teach Children to Save?
ABA calls for banker volunteers to increase financial capability in local schools WASHINGTON — The American Bankers Association, through its Community Engagement Foundation, is calling for banker volunteers to register for its national Teach Children to Save campaign. Now in its 19th year, the Teach Children to Save program is a national […]
CFPB: Report Finds Nearly Half of Borrowers Do Not Shop for a Mortgage
CFPB Releases “Owning a Home” Toolkit to Help Consumers Shopping for a Mortgage WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) released a report finding that almost half of consumers do not shop around for a mortgage when purchasing a home. The report also found that informed consumers are […]
FDIC: List of Banks Recently Examined for CRA Compliance Issued
The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in October 2014. The CRA is a 1977 law intended to encourage insured banks and […]
Successful Connection Story: MainSource Bank Donates Computers to CASI through findCRA
In celebration of the 2014 holiday season, findCRA is excited to share the generosity of MainSource Bank, who stepped up and donated 15 corporate computers to Community Action of Southern Indiana (CASI)! While searching though findCRA’s online project listing, MainSource discovered that CASI needed office equipment and supplies for their […]
The POSTAL Bill and CRA…Should Banks Be Worried?
On July 24, 2014, Rep. Cedric Richmond (D – LA) introduced a bill that would allow the U.S. Postal Service to offer banking services to its customers. Under the bill, Post Office customers could open checking accounts, deposit into interest-bearing savings accounts and apply for small-dollar loans. The bill also supports the […]
2014 NICRC: Five Important Lessons Learned
Looking over notes from the 2014 National Interagency Community Reinvestment Conference, certain themes recurred throughout the sessions. The following is our list of the five most important insights for bankers. Are the right people involved in your CRA program? As the CRA Officer, do you have the appropriate level of […]
CRA Officer’s Examination Myth Dispelled
MYTH: “Mortgage loans are all that count towards my CRA lending performance.” Let’s be honest, regulators will review a bank’s mortgage lending data as a key indicator of CRA lending performance. But while mortgage data is key to developing and supporting your CRA efforts, it’s not the only way you can get CRA […]