BankPlus and HarborOne Credit Union Honored with Community Impact Awards
Awards Presented at CRA & Fair Lending Colloquium Recognize Innovative CRA or Community Development Programs
MINNEAPOLIS – Nov. 16, 2010 – Wolters Kluwer Financial Services announced at the 14th annual CRA & Fair Lending Colloquium that BankPlus, of Ridgeland, Miss. and HarborOne Credit Union of Brockton, Mass., are the winners of the event’s 2010 Community Impact Awards. The awards honor bank compliance professionals and their innovative Community Reinvestment Act (CRA) or community development programs.
BankPlus was honored for its CreditPlus program, which provides unbanked or underbanked Mississippians with low-interest, short-term loans for small amounts to encourage them to improve their credit rating and develop a regular savings plan. The program provides participants an alternative to high-interest loans offered by payday lenders. Mississippi has more payday lenders per capita than any other state. Since the inception of the CreditPlus program, BankPlus has made more than 4,200 loans totaling over $3.5 million and 6,500 people have received related financial literacy training.
HarborOne was recognized for its MultiCultural Banking Center, which provides low and moderate-income residents, minorities and immigrants with financial education and resources. The center helps participants avoid financial predators and instead gain a thorough understanding of borrowing and saving through courses offered on financial literacy, credit counseling and home ownership in four different languages. In addition, HarborOne recently partnered with the Neighborhood Housing Services to raise more than $2 million in grants to help residents with homeownership and with foreclosure mitigation.
“BankPlus and HarborOne and their innovations in small dollar lending and financial literacy programs exemplify what the Colloquium’s Community Impact Awards stand for and can serve as models for other institutions,” said Richard Neiman, superintendent of Banks for the state of New York, who presented the awards at the Colloquium. “Both financial institutions have clearly demonstrated their commitment to improving their communities and reaching new markets in innovative and exciting ways.”
About Wolters Kluwer Financial Services
Wolters Kluwer Financial Services is a comprehensive regulatory compliance and risk management business that helps financial organizations manage risk and improve efficiency and effectiveness across their enterprise. The organization’s prominent brands include: ARC Logics for Financial Services, PCi, Compliance Resource Network, Bankers Systems, VMP® Mortgage Solutions, AppOne®, GainsKeeper®, Capital Changes, NILS, AuthenticWeb™ and Uniform Forms™. Wolters Kluwer Financial Services supports its global customers with offices in the U.S., U.K., Germany, and Hong Kong. Wolters Kluwer Financial Services is part of Wolters Kluwer, a leading global information services and publishing company with annual revenues of (2009) €3.4 billion ($4.8 billion) and approximately 19,300 employees worldwide.