News Topic: Under-served populations

The Independent Community Bankers of America accused the National Credit Union Administration of using the coronavirus outbreak to usher in additional changes without the normal amount of scrutiny. ... Read full article

Regulators need to revamp their proposal to overhaul the Community Reinvestment Act now that the coronavirus outbreak has created unforeseen financial needs. ... Read full article

Minorities are often hit harder financially during a crisis, but if regulators move forward on revamping the Community Reinvestment Act, they’ll only make matters worse. ... Read full article

Community advocates would like to see changes to the 1977 Community Reinvestment Act, but say regulators should suspend such efforts until the coronavirus pandemic has passed. ... Read full article

The Atlanta Fed offers ways rural institutions can keep and nurture talent while pooling resources with their peers to excel in a challenging environment. ... Read full article

Regulators are beginning to recognize the importance of using alternative data to provide credit for the underbanked. Now is the time to expand its use across the industry. ... Read full article

A provision of the Community Reinvestment Act overhaul package would rightfully hold lenders more accountable for reinvesting in cities where they are feeding off deposits. ... Read full article

The leader of a new Compliance and Payments Task Force dives into how it will address emerging issues of counterterrorism financing in the digital age. ... Read full article

Regulators should consider online lending and a list of what loans qualify for CRA credit in any revamp of the outdated law. ... Read full article

As branches in remote areas disappear, banks run the risk of losing business to fintechs. ... Read full article

As bankers' skepticism about blockchain deepens, crypto firms should demonstrate how the technology can help financial companies, such as by extending access to the underbanked, says Hinkes, a prominent advocate of blockchain. ... Read full article

First-term Rep. Rashida Tlaib, D-Mich., has sponsored the Prevent Discrimination in Auto Insurance Act in order to prevent “undue burden” on low-income individuals seeking auto insurance. ... Read full article

Sunrise Banks in Minnesota offers products and services designed to help underserved communities and works with fintechs that have a similar mission. ... Read full article

The Omidyar Network has invested in five challenger banks. Tilman Ehrbeck, who is leading its financial inclusion efforts, says the firm will invest more in apps for gig workers and retirees next year. ... Read full article

Better incentives to lend and invest in underserved communities are also worthy of consideration, Loretta Mester says, as regulators try to blend the best of the Community Reinvestment Act with new ideas in updating its rules. ... Read full article

Bruce Cahan, a lecturer at Stanford University who teaches ethics, explains the link between ethical principles and profitability for financial services firms. ... Read full article

The bank's $7 million over four years toward the initiative is its largest overseas philanthropic commitment. ... Read full article

While sellers in urban centers are getting a lot of attention from acquirers, Southern Bancorp in Arkansas shows the upside of pursuing smaller deals in underserved rural markets. ... Read full article