Community banks are close to the areas they serve, so it follows that having a diverse workforce that’s representative of their communities would be part of their mission. But doing so often requires a conscious effort to attract talent of various backgrounds.
Community banks are complex organizations with a multitude of liabilities. That’s why having sound legal advice from a firm or general counsel is increasingly necessary. Here’s what to consider when hiring a firm or internal legal professional.
This past year, the Consumer Financial Protection Bureau (CFPB) fined a national bank for misinforming its accountholders about its overdraft services fees. A handful of regulations apply to banks offering overdraft programs.
Black-owned community banks have a long history of serving Americans historically left out of the mainstream banking system. Many well-established community banks continue this legacy today, but one troubling trend has emerged in the past two decades: The number of Black-owned banks is steadily declining. How can the industry advocate for change to help these banks—and their customers—thrive?
When people come to live in the U.S. from other countries, they often don’t have an American credit history, identification or other typical requirements of the account-opening or loan process. But community banks are finding ways to serve this growing population while mitigating credit and compliance hurdles.
Criminals have stolen more than half a billion dollars by taking advantage of the surge in unemployment claims during the pandemic. Luckily, most of this money has been recovered. Here’s what you should know about this scheme.
The pandemic may have brought attention away from compliance and regulatory changes, but some of that may return this year. Regulators are weighing reforms regarding the Community Reinvestment Act, Home Mortgage Disclosure Act, Paycheck Protection Program and more.
While the Paycheck Protection Program and COVID-19 rightly dominated much of community banks’ attention this year, 2020 still brought some regulatory changes.
The Community Reinvestment Act was designed to stop redlining, the impact of which is still felt in metro areas today. We look at the past and current CRA, including upcoming revisions from regulators.
Because of the pandemic, experts say stress testing loan portfolios is more important than ever. But COVID-19 has changed risk management, and regulators are making accommodations amid the crisis.