Kate Berry’s Post

In case you missed it, learn more about the Credit Union, which has been serving the financial needs of Law Enforcement Officers and their families for over 8 decades, since 1938. #CreatedByLEOsForLEOs #LawEnforcement #FirstResponders #PoliceMortgage #PoliceOfficers

Today’s release of the new rule implementing the Community Reinvestment Act of 1977 is exciting and long-anticipated. While the new requirements initially appear to be an improvement, the final rule is also a major missed opportunity to fully acknowledge the true intent and mission of the CRA to address the harmful legacies of redlining and discrimination. This was a chance to evaluate bank performance specifically on activities related to race and ethnicity, and they fell short. We’re disappointed but not surprised, especially in this post-Affirmative Action reality. This does not mean we will simply accept this new status and wait around another 25+ years for the next chance to revise the rules once again. Instead, today we’re forging ahead with our work to enact policies for equity and accountability in banking for communities of color by understanding exactly where the new rule falls short in meeting the needs of our communities and pursuing every policy angle possible to fill these gaps, including through state-level policy actions here in California. While this may be called a “final rule” by regulators, this is the beginning of a new chapter in the ongoing campaign to build a more equitable financial system. https://reut.rs/40beGQL

These common mistakes and violations generally apply to both banks and credit unions, simply put they are Fair Lending mistakes. How is your fair lending program? If you need an external review of your program we can help.

Excellent article from Olivia Kelman and Andrea Mitchell on the current risks associated with federal redlining enforcement activities - as well as actionable steps lenders can take to mitigate these risks.

Check out this article by Mitchell Sandler’s Andrea Mitchell and Olivia Kelman! Understanding and addressing redlining risks is crucial for banks to close the racial equity gap in homeownership. Discover why proactive assessment and mitigation are essential steps for demonstrating commitment to fair lending. https://lnkd.in/e-vS2YY8 #FairLending #Redlining #RacialEquity #BankingIndustry

Most consumers don't really know (or care?) about processing orders, overdraft fees, and other important financial information. https://buff.ly/3JARF22 But how do credit unions and banks educate their account holders and communities about this? #creditunions #communitybanks #branchandATMlocators

Consumer Financial Protection Bureau Proposes Rule to Close Bank Overdraft Loophole that Costs Americans Billions Each Year in Junk Fees. Rule would require nation's largest banks to apply longstanding consumer protections, including interest rate disclosures, to overdraft loans. The proposed rule would apply to insured financial institutions with more than $10 billion in assets, which covers approximately the 175 largest depository institutions in the country. https://lnkd.in/eG9CNWMf

As you can see, CFPB and the DOJ are not slowing down when it comes to CRA, Fair Lending, and Redlining. If you you have an upcoming exam over the next several quarters and are unsure where you stand in this area, call me today at (617) 694-2617so we can discuss how SCA can work with you/ your Compliance and Lending areas to avoid any potential risk or exposure to your bank or credit union or email me at WDolan@ scapartnering.com

Most consumers don't really know (or care?) about processing orders, overdraft fees, and other important financial information. But how do credit unions and banks educate their account holders and communities about this? #creditunions #communitybanks #branchandATMlocators

Not only do we have a new Federal CRA final rule, but in some states, banks, credit unions and non-bank lenders have a state-level CRA rule to comply with as well. This new CFPB report gives a great summary of the various state CRA rules at play.