Bank - City of New Haven

Transcripción

Ciudad de New Haven
Informe de Impacto en la Comunidad 2013
` La Ciudad de New Haven Octubre 2013 Reconocimientos
El Informe de Impacto en la Comunidad del 2013 fue producido en nombre de la ciudad de New Haven por Boris Sigal, un compañero del Servicio Presidencial Público de Yale y estudiante de segundo año en la escuela de Administración de Yale bajo la supervisión de Rebecca Bombero, Jefe Suplente de Personal para el alcalde de New Haven. Este informe no hubiese sido posible realizarlo sin la generosa ayuda y participación de: Annie Harper, Universidad de Yale, Centro de Salud Mental de CT Christopher Barr, PhD, Escuela de Administración Cynthia Watson, Acción de la Comunidad Cristiana Jan McRay Price, “United Way” de New Haven Mónica Vargas, Junta para Acción Progresiva Ray Brescia, Profesor de Ley Asociado, Escuela de Ley de Albany Sonia Steinway, Escuela de Ley de Yale El Personal en la Oficina del Alcalde de New Haven La Asociación de Servicio Presidencial Publico de Yale En adición, el proyecto recibió aportación critica y reacción de una variedad de organizaciones de la comunidad de New Haven, organizaciones políticas locales y nacionales , y grupos de la industria bancaria, los cuales no todos pudieron ser enumerados aquí. Finalmente, el informe del CIRC fue hecho posible por la participación y cooperación de representantes de cada uno de los bancos incluidos en este informe. Ellos ayudaron a garantizar que el CIRC tuviese acceso a información correcta y actualizada y que el esfuerzo de cada banco en la comunidad se pusiera de relieve. Renuncia: La información contenida en este informe fue recolectada independientemente en junio y julio del 2013. Todos los esfuerzos fueron hechos para asegurar precisión, incluyendo una oportunidad para los bancos corregir cualquier información incorrecta. Sin embargo, no se garantiza nada en cuanto a la precisión de los datos y está sujeto a cambios en cualquier momento. Tabla de Contenido
o Acerca del Informe de Impacto en la Comunidad del 2013……………………….1 o Resultados del CIRC del 2013……………………………………………………………………4 o Sección 1: Accesibilidad …………………………………………………………………………..5  Sucursales  ATMs  Centro de Llamadas  Apoyo con Idiomas  Apertura de Cuenta o Sección 2: Productos y Servicios ……………………………………………….…………….15  Cheques  Ahorros  Otros Productos y Servicios o Sección 3: Financiamiento para Vivienda ………..……………………………………..25  Préstamos en toda la cuidad  Aplicantes Hispanos  Aplicantes Negros  Aplcantes de ingreso bajo/moderado  Aplicantes de ingreso intermedio o Seccción 4: Encuesta de Impacto en la Comunidad…………………………………33 Acerca del Informe de Impacto
en la Comunidad del 2013
¿Qué es CIRC y cómo funciona? El Informe de Impacto de la Comunidad (CIRC) es una evaluación que califica cada banco localizado en New Haven, Connecticut basado en 50 criterios que son importantes para los consumidores, particularmente en esos bancarizados o sub‐bancarizados1. El principio de motivación central detrás del proyecto es la creencia de que proveerle información básica sobre productor financieros y servicios al consumidor animará a los bancos a ser más sensibles a las necesidades de la comunidad. Este principio de motivación es impulsado por varias presunciones:  Los consumidores se preocupan por las prácticas de los bancos, los productos ofrecidos, y la accesibilidad cuando eligen un banco;  Los consumidores utilizarán los hallazgos del CIRC para comparar y elegir un banco que cumpla con sus necesidades y circunstancias;  Los bancos responderán mejorando los productos y servicios que ofrecen para servir mejor a las necesidades de los consumidores en New Haven. ¿Para quién está destinado el CIRC?  Consumidores, quienes pueden utilizar las calificaciones e información para aprender acerca de los productos y servicios ofrecidos y comparar diferentes bancos;  Bancos, los cuales pueden comparar sus prácticas en la ciudad de New Haven y fortalecer su producto y ofertas de servicios;  Grupos Comunitarios, los cuales pueden utilizar la información para ayudar a traer más consumidores al sector financiero formal;  Oficiales del gobierno y elaboradores de políticas, quienes pueden utilizar los hallazgos del CIRC como aportación valiosa en consideraciones políticas alrededor de la banca de consumo en la ciudad;  Otras municipalidades, las cuales pueden utilizar el CIRC de New Haven para ayudar a desarrollar un instrumento que es relevante para su comunidad. 1
Hogares bancarizados son aquellos que carecen de algun tipo de cuenta de depósito en una institución asegurada. Hogares sub‐bancarizados tienen una cuenta de banco pero también confían en proveedores de servicios financieros alternativos. (AFS). 2011 FDIC Encuesta Nacional de Hogares Bancarizados y Sub‐Bancarizados. Corporación de Seguros de Depósito Federal, Sept. 2012. Acerca del Informe de Impacto en la Comunidad del 2013
¿Qué mide el CIRC? El informe es dividido en dos categorías principales: productos bancarios & servicios y accesibilidad. Cada sección de este informe tiene una lista de criterios de medición con una explicación de y una justificación para cada categoría. El CIRC está designado para reflejar las varias necesidades de consumidores en New Haven, particularmente esos no bancarizados o sub‐bancarizados. El informe del CIRC de este año expandió de manera significativa las medidas pertinentes a los consumidores con el aporte de los grupos comunitarios, expertos en políticas y representantes de la banca. Con cada iteración, el CIRC se esfuerza por mejorar la relevancia de medición. ¿Cómo ha cambiado el CIRC desde el año pasado? Sobre la base de las lecciones aprendidas y la retroalimentación del CIRC del 2012, la iteración del 2013 tiene varios cambios importantes:  La medición se amplió de 30 criterios en 2012 a más de 50 en 2013;  Análisis de Datos de Prestamos para Vivienda (HMDA) fueron incluidos pero no calificados en el informe de este año. Los préstamos para la vivienda en el 2012 comprendían 30% de los puntos disponibles (vea la discusión en la sección de préstamos para la vivienda de este año).  Las dimensiones de Pequeños Negocios fueron removidas del informe del CIRC de este año. Los consumidores de la banca comercial escogiendo servicios bancarios tienen consideraciones que son distintas de los consumidores de banca personal. En años futuros el CIRC podría expandir para incluir una evaluación bancaria comercial.  La metodología de puntuación ha sido revisada y los pesos fueron asignados con la participación de los grupos comunitarios y los políticos responsables.  Para mejorar la accesibilidad de los resultados del CIRC, un informe individual de dos páginas ha sido emitido para cada institución. Estos informes destacan la información más relevante de cada uno de los bancos calificados.  A cada banco se le envió una encuesta por su impacto en la comunidad. Aspectos destacados de las respuestas a la encuesta son incluidos al final de este informe. 1
Acerca del Informe de Impacto en la Comunidad del 2013
¿Cómo se mide y se califica cada criterio? La información sobre los bancos fue recopilada sobre un periodo de seis meses a través de una investigación en línea, preguntas de centros de llamadas, visitas a sucursales, y encuestas corporativas. Cada banco recibió un informe de resultados preliminares y tuvo la oportunidad de suplir o corregir cualquier información. Cada criterio de medición fue calificado en una de dos formas:  Puntaje Categorico se utiliza cuando los criterios de medicion solo tenian dos opciones posibles, o cuando se compararon los resultados con un punto de referencia fijo. Bajo este metodo, los puntos se asignan de la siguiente manera: o Respuesta negativa = 0 puntos o Respuesta positive = 10 puntos o Respuesta positive con Bonos2 = 12 puntos  Puntaje relative se utiliza cuando los criterios d emedicion devuelven los resultados cuantitativos que no fueron evaluados en contra de un punto de referencia establecido. En virtud de este metodo, el conjunto de datos se divide en tres intervalos de igual tamaño, o terciles, y los puntos se asignaron de la siguiente manera: o Ultimo lugar (directamente o atado) = 0 puntos o Tercil mas bajo = 2 puntos o Tercil medio = 5 puntos o Tercil mas alto = 8 puntos o Primer lugar (directamente o atado) = 10 puntos Cada uno de los criterios de medicion se le asigno un coeficiente de ponderacion basado en las aportaciones de los grupos comunitarios, expertos en politica y representantes bancarios. Puntos recibidos en cada categoria fueron ponderados y sumados para producir el resultado final. La puntuacion total maxima posible (sin incluir los puntos de bonificacion) fue de 100 puntos, 50 puntos en cada una de las dos categorias. 2
Algunos criterios binarios de puntuación para obtener puntos adicionales (por ejemplo, sucursales adicionales abiertas los fines de semana), en tal caso, se añadieron dos puntos de bonificación a la puntuación (para un total de hasta 12 puntos) 2
Acerca del Informe de Impacto en la Comunidad del 2013
¿Qué instituciones financieras fueron valoradas en el CIRC del 2013? Para cualificar en las valuaciones del CIRC del 2013, un banco debe haber tenido una sucursal física en la ciudad de New Haven y una cooperativa de crédito debe haber tenido ambos una sucursal en la ciudad y una membrecía abierta para cualquier residente de New Haven. En todo, doce bancos y una cooperativa de crédito fueron valoradas en el reporte de este año. Instituciones Valoradas en el CIRC 2013
Banco
Sede E.U.
País
Total Bienes
(millones)3
Bank of America Citibank EU
EU
Charlotte, NC
Sioux Falls, SD
$1,474,077
$1,313,401
Connex Credit Union* EU
North Haven , CT $391 First Niagara Bank EU
Buffalo, NY
$36,881
JPMorgan Chase Bank EU
New York, NY
$2,074,470
Liberty Bank4* EU
Middletown, CT
$354 People's United Bank EU
Bridgeport, CT
$30,087
RBS Citizens Bank RU
Providence, RI
$104,824
Sovereign Bank España
Wilmington, DE
$83,082
Start Community Bank* EU
New Haven, CT
$52 TD Bank USA Canada
Cherry Hill, NJ
$212,000
Webster Bank EU
Waterbury, CT
$20,113
Wells Fargo EU
Sioux Falls, SD
$1,266,125
* Indica una institución financiera valorada por primera vez por el CIRC. 3
Total de Bienes fueron obtenidos del Directorio de Instituciones del FDIC y que están al corriente a partir de julio de 2013. 4
Banco Liberty adquirió el Banco del Sur de Connecticut en enero de 2013 3
CIRC 2013: Puntaje General
Puntajes generales del Banco fueron calculados basado en sus puntajes en dos categorías: Accesibilidad (50pts) y Productos/Servicios (50pts). El puntaje máximo (sin incluir puntos de bono) era 100. CIRC 2013: Puntaje General
Rango
1
2
3
4
5
6
7
8
9
10
11
12
13
Banco
Puntaje
Connex CU
Start Bank
First Niagara
Bank of America
Wells Fargo
Chase
Webster Bank
TD Bank
Sovereign
People's United
Liberty Bank
Citibank
Citizens
4
79.1
76.0
69.8
67.8
62.1
60.3
58.5
58.4
57.8
56.7
56.3
54.8
51.9
Accesibilidad
Más de la mitad de los consumidores no bancarizados o sub‐bancarizados utilizan los servicios financieros alternativos, ya que se perciben como más convenientes. En esta sección se evalúa la accesibilidad general de cada Banco en seis subcategorías: Pesos
2013 2012*
15.5% 15%
Accesibilidad Sucursales Sucursales con horario extendido?
Sucursales abiertas los sabados? Sucursales abiertas los Domingos? Total de horas que las sucursales abren durante la semana? Número de sucursales dentro de una milla de New Haven? Número de oficinas en la Ciudad de New Haven?
Sucursales en comunidades de bajos ingresos en New Haven?
Cajeros automáticos Cantidad de cajeros automáticos dentro de la red en los EU?
Numero de cajeros automaticos en la ciudad de New Haven?
ATMs en comunidades de bajos ingresos en New Haven?
Cargos por el uso de ATMs fuera de la red?
Cargos por el uso de ATMs para no clientes del Banco?
Centro de llamadas Total de horas que el Centro esta abierto durante la semana?
Idiomas compatibles ATMs ofrece en español y otros idiomas?
Cajeros ofrecen servicios en español y otros idiomas?
Personal Bancario ofrece servicio en español y otros idiomas?
Centro de llamadas ofrece servicio en español y otros idiomas?
Sitio Web ofrece servicio en español y otros idiomas?
Banca en línea ofrece servicio en español y otros idiomas?
Acceso en línea 2.5 1 1 2.5 1 2 5 N/A
2
2
2
N/A
5
5
11.5% 20%
0.5 2.5 5.0 2.5 1 N/A
5
5
5
5
2.5% 0%
2.5 N/A
12% 10%
2 2 2 2 2 2 5
N/A
5
N/A
N/A
N/A
3.5% N/A
Ofrecen herramientas para manejar tus finanzas?
Acceso a la banca en línea a través de aplicaciones móbiles?
Acceso a la banca en línea a través del navegador web móbil? Soporte de servicio al cliente a través de chat en línea?
1 1 1 0.5 N/A N/A
N/A
N/A
Criterios para abrir una cuenta
5% N/A
5 5
50% 49% Elm City ID aceptados para abrir una cuenta?
*2012 pesos fueron calculados luego de remover el Financiamiento de Vivienda (30% de puntaje en 2012) y Pequeños Negocios (9% de puntaje en 2012) categorías de puntaje general.
5
Accesibilidad: Puntajes
Los puntajes de accesibilidad fueron calculados basados en puntajes en cinco sub‐
categorías: Sucursales (15.5pts), ATMs (11.5pts), Centros de Llamada (2pts), Apoyo con Idiomas (12pts), Acceso en Línea (3.5pts) y Criterios de Apertura de Cuentas (5pts). El puntaje máximo en esta categoría (antes de incluirlos puntos de bono) era 50 puntos. Esta sección resalta los hallazgos selectos encontrados por la categoría de Accesibilidad; hallazgos detallados y puntajes para las dimensiones están disponibles al final de la sección. Puntajes de Accesibilidad CIRC 2013
Rango
1
2
3
4
5
6
7
8
9
10
11
12
13
Banco
Puntaje
Bank of America
First Niagara
Start Bank
Chase
People's United
Connex CU
Wells Fargo
Sovereign
TD Bank
Citizens
Webster Bank
Citibank
Liberty Bank
6
42.6
40.6
38.2
37.0
36.8
33.7
32.6
32.4
29.0
28.5
27.5
26.8
17.8
Accesibilidad: Sucursales
Horarios de Sucursal: Bancos que tienen sucursales durante horario extendido y/o o fines de semana crean la habilidad para que los consumidores utilicen servicios de sucursales que quizá de otra manera no tengan la flexibilidad durante los días de trabajo. ¿Sucursales con horario comercial extendido?
PESO: 2.5%
¿El banco tiene una sucursal en New Haven que este abierta fuera del horario Descripcion:
estándar de trabajo durante la semana de trabajo (9am a 6pm lunes a viernes)? 0 puntos para ninguna sucursal; 10 puntos para 1 sucursal; 12 puntos para más de 1 sucursal. Puntaje
¿Sucursales bancarias abiertas en sábado y domingo?
PESO: 2%
Descripcion:
¿El banco tiene una sucursal en New Haven que este abierta en sábado o domingo? Puntaje
0 puntos para ninguna sucursal; 10 puntos para 1 sucursal; 12 puntos para más de 1 sucursal ¿Total de horas que la sucursal está abierta durante la semana?
PESO: 2.5%
Número de horas que una sucursal está abierta en la ciudad durante una semana regular de 7 días. En el evento de 2+ sucursales, se utilizo la sucursal que está abierta Descripción:
por más horas para cálculos. Puntaje
Ultimo lugar ‐ 0pts; Tercil bajo ‐ 2pts; Tercil medio ‐ 5pts; Tercil alto 8pts; Primer lugar ‐ 10pts 7
Accesibilidad: Sucursales
Sucursales: Se encontró que la proximidad a los proveedores de servicios es un factor que contribuye al uso de servicios financieros alternativos. Las sucursales bancarias que se encuentran cerca de los consumidores pueden disminuir las barreras de utilización de servicios bancarios. ¿Número de sucursales dentro de 1 milla de New Haven?
PESO: 1%
Descripción:
Sucursales fuera de la ciudad de New Haven City dan oportunidades a los consumidores que residen en el perímetro de acceso de servicios bancarios en New Haven.
¿Numero de sucursales en la ciudad de New Haven?
Peso: 2.5%
Sucursales en la ciudad les da a los consumidores más oportunidades para accesar servicios bancarios. Descripción:
Sucursales en comunidades de ingreso bajo/moderado en New
Haven?
PESO: 5%
Descripción:
¿El banco tiene una sucursal en un vecindario de *ingreso bajo o moderado en New Haven? Sucursales que están localizadas en vecindarios de bajo ingreso proveen una manera más fácil para accesar servicios bancarios para consumidores desaventajados.
*Indican tracto del censo con familias de ingreso medio de menos de $37,390/al año 8
Accesibilidad: ATMs
ATMs(cajeros automáticos) Un número cada vez mayor de los servicios bancarios se están ofreciendo en los cajeros automáticos. Acceso confiable y de bajo costo a los cajeros automáticos puede ofrecer una manera fácil de utilizar los servicios bancarios básicos. Número de "Dentro de la red" cajeros automáticos en todo el E.U.?
PESO: 0.5%
ATMs (cajeros automáticos) en todo los Estados Unidos permiten a los consumidores utilizar los Descripción:
servicios bancarios básicos de forma gratuita durante un viaje fuera de New Haven. Nota: Start Bank y Connex CU son parte de la red de “All‐Point” de cajeros automáticos. Número de cajeros automáticos en la ciudad de New Haven?
PESO: 2.5%
ATMs(cajeros automáticos) en la ciudad dan a los consumidores más posibilidades de Descripción:
acceder a los servicios bancarios básicos. ATMs (Cajeros automáticos) en las comunidades de bajos /
PESO: 5%
moderados ingresos en New Haven?
Cajeros automáticos ubicado en * barrios bajos / moderados ingresos proporciona una Descripción: manera fácil de acceder a los servicios bancarios básicos a los consumidores desfavorecidos. * Bajo / Moderado Ingresos indica un sector censal con ingreso medio familiar de menos de $37,390 / año 9
Accesibilidad: ATMs / Idiomas Programados
¿Tasa por uso de "fuera de la red" Cajeros automáticos?
PESO: 2.5%
El costo de un titular de la cuenta para usar un cajero automático considerado "fuera Descripción:
de la red" (también conocido como no afiliado con el banco). ¿Impuestos para los no clientes bancarios de utilizar ATMs
PESO: 1%
El costo de uno que no tenga cuenta de banco para el uso de cajeros automáticos del Banco. Una tarifa más baja indica un Banco que es más amigable para la comunidad y Descripción:
para todos los residentes de New Haven (y visitantes). Programas de Idiomas: Veintisiete por ciento de los residentes de New Haven son hispanos y el 32% de los habitantes hablan un idioma que no sea Inglés en casa, los bancos pueden ser más accesible a este gran segmento de su base de clientes, proporcionando servicios en español y otros idiomas hablado en New Haven. ¿ATMs ofrece en español y otros idiomas?
PESO: 2%
Descripción:
E = Inglés solamente, S = Inglés y Español, S + = Inglés, español, y al menos otro idioma 10
Accesibilidad: Idiomas Programados Personal Bancario * ofrecen servicios en español y otros idiomas?
E = sólo Inglés Descripción: S = Inglés y Español S+ = Inglés, español, y al menos otro idioma PESO: 2%
* Representantes bancarios personales pueden ayudar a los consumidores con una variedad de servicios, incluyendo la cuenta de asistencia apertura, la explicación detallada de los productos y servicios, y la asistencia a una serie de preguntas. ¿Centros de Llamadas ofrecen servicios en español y otros
idiomas?
Banca en Línea ofrece en español y otros idiomas?
11
Accesibilidad: Centro de Llamada/Acceso en linea Centro de Llamadas: Los consumidores pueden necesitar asistencia telefónica de un representante en vivo, si no tienen la flexibilidad o la capacidad de pasar por una rama. ¿Total de horas que llaman el centro está abierto durante la semana?
PESO: 2.5%
El número de horas por semana que un cliente puede llegar a un representante en Descripción:
vivo. Banco en línea: Cuatro de cada cinco hogares en el uso de banca en línea EE.UU., y más del 30% han utilizado teléfonos móviles para acceder a servicios bancarios en el último año. ¿Integración que ofrece con herramientas de tercera parte de gestión
PESO: 1%
financiera?
¿Apoya la integración cuenta bancaria en línea con aplicaciones de gestión? (por Descripción:
ejemplo, Mint, Yodlee, HelloWallet, etc ...) Acceso a la banca en línea a través de aplicaciones móviles
PESO: 1%
disponibles?
¿Están los servicios de banca en línea disponible en los dispositivos móviles a través Descripción:
de aplicaciones de teléfonos inteligentes? 12
Accesibilidad: Acceso en Linea / Apertura de cuenta
¿Atención al cliente servicio ofrecido a través de comunicación en
PESO: 0.5%
línea?
¿Los clientes pueden acceder a la atención al cliente a través de comunicación en Descripción:
línea en el sitio web del Banco? Apertura de cuenta: La ciudad de New Haven introdujo la tarjeta de residencia Elm City en 2007 con el objetivo de aumentar el acceso a los servicios, como la banca, para muchos residentes. ¿Elm City ID aceptado a efectos de abrir una cuenta?
PESO: 5%
¿El banco acepta el ID Elm City como una forma primaria o secundaria de identificación Descripción:
a efectos de abrir una cuenta? 13
Accesibilidad: Mediciones y Resultados
La siguiente tabla contiene todas las mediciones recogidas y los resultados calculados para cada banco en la categoría "Accesibilidad". 14
Productos y Servicios
Más de un cuarto de la población no bancarizada o bajo los consumidores bancarizados utilizan los servicios financieros alternativos, ya que no tienen una cuenta bancaria. Bajo costo y ahorro fácil de usar básicas y cuentas corrientes pueden ofrecer a estos consumidores una vía a los servicios bancarios formales. Esta sección evalúa los productos y servicios ofrecidos por cada banco en tres subcategorías: Productos y Servicios Cheques ¿Cuál es la cuota mensual para mantener una cuenta?
¿Cuál es el saldo mínimo para abrir una cuenta?
¿Cuál es el saldo mínimo requerido para evitar la cuota mensual? ¿Hay otras maneras de evitar el cargo mensual?
¿Cuál es el cargo por sobregiro por transacción?
¿Cuál es la máxima cantidad de cargos por sobregiro por día?
¿Está disponible la protección contra sobregiros?
¿Cuál es la tarifa por el uso de la protección contra sobregiros? ¿Cuál es la tarifa por transferencias entrantes?
¿Cuál es la tarifa por transferencias nacionales salientes?
¿Cuál es la tasa de transferencia internacional de dinero al exterior? ¿Es una cuenta o rebajas "E‐cheques"?
¿La factura en línea es ofrecida gratis ?
Ahorros ¿Cuál es la cuota mensual para mantener una cuenta?
¿Cuál es el saldo mínimo para abrir una cuenta?
¿Cuál es el saldo mínimo requerido para evitar la cuota mensual? ¿Hay otras maneras de evitar el cargo mensual? ¿Cuál es el número máximo de transacciones electrónicas permitido? ¿Cuál es la cuota por exceder las transacciones máximas permitidas?
Otros Productos y Servicios ¿Se ofrece cambio de cheques para los no clientes? ¿Se ofrecen préstamos personales?
¿Se ofrecen tarjetas de crédito garantizadas? ¿Se ofrecen productos para los jóvenes? ¿Se ofrecen productos para los estudiantes?
¿Ofrecen oportunidad para segundas cuentas?
Total Pesos
2013 2012
19% 23%
2.5 2.5 2.5 1.25 1 1 1 1 1.5 1.5 1.5 0.5 1.25 5
5
5
N/A
5
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3
15% 15%
2.5 2.5 2.5 2.5 2.5 2.5 5
5
5
N/A
N/A
N/A
16% 13%
2.5 1 5 1.25 1.25 5 5
3
N/A
N/A
5
N/A
50% 51% * 2012 pesos se dan después de retirar el préstamo de inicio (30% de la puntuación total en 2012) y pequeñas empresas (9% de la puntuación total en 2012) categorías. 15
Products & Services: Puntajes
Products & Services scores were calculated based on scores in three sub‐
categories: Checking (19pts), Savings (15pts), and Other Products (16pts). The maximum score in this category (before including bonus points) was 50 points. This section highlights select findings for the Accessibility category; detailed findings and scores for all measurements are available at the end of the section. 2013 CIRC Productos y Servicios
Rango
1
2
3
4
5
6
7
8
9
10
11
12
13
Bank
Puntaje
Connex CU
Liberty Bank
Start Bank
Webster Bank
First Niagara
Wells Fargo
TD Bank
Citibank
Sovereign
Bank of America
Chase
Citizens
People's United
16
44.5
38.5
37.8
30.0
29.2
28.5
28.5
28.1
25.4
24.2
23.3
22.4
20.0
Productos & Servicios: Cheques
Cheques: Cuentas de cheques puede venir con cierta - a veces oculta - costos y requisitos.
Estas medidas tratan de determinar si las cuentas básicas, sin ataduras están disponibles
para los consumidores. ¿Cuál es la cuota mensual para mantener una cuenta?
PESO: 2.5%
Cuota me nsual de cuenta corriente básica antes de cumplir los criterios de exención Descripción:
de pago (por ejemplo, requisitos de saldo mínimo). ¿Cuál es el saldo mínimo para abrir una cuenta?
PESO: 2.5%
Descripción:
Depósito de apertura mínimo requerido para abrir una cuenta básica de cheques. What is the minimum balance required to avoid monthly fee?
PESO: 2.5%
El saldo mínimo ( saldo mínimo o promedio diario * ) requerido para evitar el cargo Descripción: mensual. Las puntuaciones se calculan por separado para saldos diarios mínimos y medios. 17
Productos & Servicios: Cheques
¿Hay otras maneras de evitar el cargo mensual?
PESO: 1.25%
¿Existen otros criterios de calificación para evitar el pago de la cuota mensual? Descripción:
N / A = No aplicable ( cuentas de cheques gratuitas ofrecidas ) Sobregiro: Más de un cuarto de las cuentas de cheques experimentan un evento de sobregiro cada año . El promedio total de cargos por sobregiro con cargo a estos consumidores es más de $ 200. Los bancos con tasas más bajas y la protección contra sobregiros dedicado reducen la probabilidad de grandes multas por sobregiro y el cierre involuntario cuenta.5 ¿Cuál es el cargo por sobregiro por transacción ?
PESO: 1%
Descripción:
Cargo por sobregiro por transacción ( promedio de los cinco primeros ) ¿Cuál es la máxima cantidad de cargos por sobregiro por día?
PESO: 1%
Descripción:
El importe máximo de las comisiones que un consumidor puede llegar en un día. 5
18
CFPB Study of Overdraft Programs Source: Consumer Financial Protection Bureau, June 2013. Productos & Servicios: Cheques
¿Cuál es la tarifa por el uso de la protección contra sobregiros?
PESO: 1%
¿Cobra honorarios por cada transacción / día * que se utiliza el servicio de protección contra sobregiros? Descripción:
* Las puntuaciones se calculan por separado los honorarios diarios y los honorarios por transacción N / A = protección contra sobregiros no está disponible Honorarios de transferencia: Trece por ciento de los consumidores no bancarizados o sub‐
bancarizados utilizan las remesas no bancarias porque son más baratos.6 Tasas más bajas de tranferencias disponibles con cheques básicas pueden ayudar significativamente a los consumidores que envían regularmente los fondos en el extranjero. ¿Cuál es la tasa de transferencia internacional de dinero al exterior?
PESO: 1.5%
El costo de envío de una transferencia bancaria a una cuenta internacional de una Descripción:
sucursal bancaria . ¿Esta una cuenta o rebajas "E - cheques "disponible?
PESO: 0.5%
Descripción: ¿La ofrecen descuentos bancarias o cuentas que reducen la cuota Descripción: mensual basado en una mayor utilización de los servicios de cuenta en línea (en contraposición a los servicios de sucursales en persona) ? N/A = Not applicable (free checking accounts offered) 6
Federal Depository Insurance Corporation, 2011 19
Productos y servicios: Cuenta de Ahorros
Abhorro: Cuentas de ahorro pueden venir con cierta ‐ a veces oculto ‐ costos y requisitos. Estas medidas tratan de determinar si, las cuentas de ahorro sin condiciones adjuntas básicas están disponibles para los consumidores. ¿Cuál es la cuota mensual para mantener una cuenta?
PESO: 2.5%
Cuota mensual de la cuenta de ahorros básica antes de cumplir los criterios de Descripción:
exención de pago (por ejemplo, requisitos de saldo mínimo). ¿Cuál es el saldo mínimo para abrir una cuenta?
PESO: 2.5%
Descripción:
Depósito mínimo de apertura necesaria para abrir una cuenta de ahorros básica. ¿Cuál es el saldo mínimo requerido para evitar la cuota mensual?
PESO: 2.5%
El saldo mínimo (saldo mínimo o promedio diario *) requerido para evitar el cargo mensual. Las puntuaciones se calculan por separado para saldos diarios mínimos y Descripción:
medios. 20
Productos y servicios: Cuenta de Ahorros
¿Hay otras maneras de evitar el cargo mensual?
PESO: 2.5%
Descripción:
¿Existen otros criterios de calificación para evitar el pago de la cuota mensual? N/A = No aplicable (Oferta de cuenta de ahorros gratis) ¿Cuál es el número máximo de transacciones electrónicas permitido?
PESO: 1%
¿Cuántas transacciones electrónicas de ahorro se permiten antes de que se aplique un cargo? Nota:Las regulaciones federales limitan el número de transacciones electrónicas (por Descripción:
ejemplo, transferencias) permitidas a 6 por mes. Cuando se alcanza el límite, el banco puede convertir la cuenta de ahorros en una cuenta sin intereses. ¿Cuál es la cuota por exceder las transacciones máximas permitidas?
PESO: 1%
¿Cuál es la comisión cobrada (a veces llamada la "tarifa de exceso de actividad") Descripción:
cuando se alcanza el límite máximo de las transacciones electrónicas? 21
Products & Services: Otros
Otros productos y servicios: Productos financieros alternativos pueden satisfacer las necesidades únicas de los diferentes consumidores en la comunidad de New Haven. Is check cashing offered for non-customers?
PESO: 2.5%
¿Tienen los cheques bancarios para los no clientes (excepto los cheques emitidos por el Banco)? Aunque generalmente se debe alentar a los consumidores a abrir cuentas Descripción:
de ahorro y no depender de ad hoc para cobrar cheques, hay circunstancias que impiden hacerlo en algunos casos. ¿Se ofrecen tarjetas de crédito aseguradas?
PESO: 5%
¿Ofrece el banco tarjetas de crédito aseguradas diseñadas para la creación de crédito? Descripción: Estas tarjetas pueden ayudar a los consumidores a construir o reparar su crédito y lograr a largo plazo la propiedad de activos y la estabilidad financiera. ¿Se ofrecen productos para los jóvenes?
PESO: 1.25%
¿Ofrece el Banco cualquier ahorro o cuentas corrientes especiales diseñados para los jóvenes (los menores de 18 años)? Estas cuentas ofrecen una oportunidad para Descripción:
contribuir al desarrollo de la educación financiera y la comodidad con servicios bancarios desde una edad temprana. 22
Products & Services: Otros
¿Se ofrecen productos para los estudiantes?
PESO: 1.25%
¿Ofrece el Banco cualquier cuenta de ahorros o corrientes especiales diseñadas para los estudiantes (los inscritos en tiempo parcial o completo en programas de grado de 2 o 4 años)? Descripción:
New Haven tiene varias instituciones importantes de educación superior dentro de sus fronteras; cuentas estudiantiles pueden ayudar a servir las necesidades de una gran parte de los residentes de New Haven ¿Ofrecen cuentas de segunda oportunidad?
PESO: 5%
¿Ofrece el banco una "segunda oportunidad" o cuenta de "oportunidad" para aquellas personas que no califican para una cuenta de cheques regular debido a la Descripción:
historia anterior (esto puede incluir las actividades fraudulentas, pero a menudo puede ser de menor importancia sobregiro / balance infracciones) . 23
Products & Services: Mediciones y Punctuaciones
La siguiente tabla contiene todas las mediciones recogidas y las puntuaciones calculados para cada banco en la categoría "Productos y Servicios". 24
Prestamos Hipotecarios
Los préstamos hipotecarios son instrumentos financieros vitales para los residentes de New Haven y pueden ayudar a proporcionar una vía a la propiedad de activos significativos y la estabilidad económica. En consecuencia, el 30% de la puntuación del 2012 CIRC se basa en las prácticas de préstamos hipotecarios. Este año, el análisis de los préstamos hipotecarios se ha ampliado, pero sacado de la sección de puntajes. Esto se hizo por varias razones: • El volumen de los préstamos hipotecarios en New Haven es relativamente pequeño en comparación con el área estadística metropolitana (MSA), que se utiliza a menudo para el análisis de préstamos. Aunque pueden existir diferencias en las prácticas de préstamos en New Haven, el tamaño de la muestra es a menudo demasiado pequeño para encontrar diferencias estadísticamente significativas; • Hay una variedad de razones porque las tasas de interés pueden variar entre bancos. Algunos pueden atender a los solicitantes que son difíciles de calificar y tener criterios estrictos de aseguramiento que sirven para proteger a estos consumidores, algunos no pueden centrarse en los préstamos hipotecarios, en su estrategia de negocio, mientras que otros pueden incurrir en prácticas discriminatorias. Este análisis de los préstamos hipotecarios no está equipado para determinar las razones de las diferencias observadas en las prácticas de préstamos entre instituciones financieras de New Haven. • Las evaluaciones más sofisticadas y establecidas existen para examinar las prácticas crediticias de los bancos. Reconociendo estas limitaciones, hemos optado en lugar de llevar a cabo una revisión del enfoque de aprobación de préstamos y tasas para la ciudad de New Haven en general, así como para varios sub‐grupos raciales, étnicos y económicos crear un diálogo acerca de los préstamos en la ciudad. Aunque esta sección tiene como objetivo exponer las diferencias significativas en los préstamos en toda la ciudad, no trata de determinar por qué existen estas diferencias y no se debe utilizar para hacerlo. Un análisis más detallado, incluyendo varios años de datos, puede ayudar a proporcionar una mayor comprensión detrás de estos resultados, pero está más allá del alcance de este informe.
25
Prestamos Hipotecarios
¿Qué se midió? Las medidas se enfocaron en los préstamos y las tasas de aprobación de la ciudad de New Haven, entre todos los solicitantes, así como para varios sub‐grupos, incluyendo ingresos Latino, Negro, baja / moderada, y los solicitantes de renta media. El enfoque de los prestamos está determinado por el porcentaje de solicitantes que comprenden un subgrupo determinado, las tasas de aprobación son calculadas por el porcentaje de solicitantes cuyas solicitudes de préstamos son aprobados. Un enfoque mas alto de préstamos entre un sub‐grupo étnico, racial, o de ingresos en particular, indica que una mayor proporción de solicitudes de préstamos hipotecarios recibidos por esta institución provienen del sub‐grupo particular. Esto puede indicar un enfoque especial en los préstamos a una cierta parte de residentes de New Haven. Índices de aprobación más altos indican que los demandantes en el banco eran más propensos a obtener sus préstamos aprobados. Como se ha señalado, hay muchas razones posibles para las tasas de aprobación, y las tasas no revelan necesariamente la voluntad general de un banco para prestar. Pruebas estadísticas fueron utilizadas para determinar si se observaron diferencias significativas entre los bancos en el enfoque de préstamos y aprobación de tasas. ¿Qué es HMDA? Este análisis utiliza datos de Home Mortgage Disclosure (HMDA) del 2011, estos son los datos más recientes de préstamos disponibles a partir de su publicación. Los bancos están obligados a mantener y divulgar anualmente los datos sobre solicitudes de préstamos hipotecarios, incluyendo información demográfica, el tipo de crédito solicitado, y el resultado de cada aplicación. Los sectores censales se utilizan para analizar la actividad de préstamo a nivel de la ciudad y la información sobre los ingresos, la raza y el origen étnico se utilizó para determinar los préstamos entre los diversos subgrupos. Para obtener más información sobre las mediciones y la metodología, vea las notas después de cada tabla de datos de préstamo hipotecario. ¿Qué bancos se incluyeron? Todos menos uno de los bancos clasificados de CIRC de este año se incluyó en el análisis de préstamos hipotecarios. Start Community Bank fue excluido porque no tienen actividad crediticia en el 2011. 26
HMDA Analysis: All Applicants
Significance Key
Key Findings: On average 53% of loan applications in the City of New Haven were approved in 2011, an 11% drop off compared to approval rates for the not significant
County overall. Most Banks with branches in New Haven showed a slight preference for lending focus in the City , however lending in New Haven remains fairly minor (7%) as a part of lending activity in the County. Summary of Lending Data
Low
Medium
High
Difference in Approval Rates for All Applicants
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For example: Bank of America's approval rate in the City was 13% more than Citibank's. The text is grey because the difference was not statistically significant.
New Haven County
City of New Haven
o
# Bank of America
Citibank
Connex CU
First Niagara
Chase Liberty Bank
People's United
RBS Citizens Soveriegn
TD Bank
Webster Bank
Wells Fargo
Other Banks
All Banks
1
2
3
4
a)
b)
1,859 1,114
627
342
422
272
548
335
1,721 1,219
242
168
1,283
842
629
422
220
184
778
328
1,514 1,010
3,813 2,456
15,743 10,011
60%
55%
64%
61%
71%
69%
66%
67%
84%
42%
67%
64%
64%
29,399 18,703
64%
211
36
39
86
112
7
143
99
7
56
86
255
943
116
15
15
41
76
5
74
59
4
16
44
139
491
55%
42%
38%
48%
68%
71%
52%
60%
57%
29%
51%
55%
52%
11%
6%
9%
16%
7%
3%
11%
16%
3%
7%
6%
7%
6%
2,080 1,095 53%
7%
+4%
‐1%
+2%
+9%
‐1%
‐4%
+4%
+9%
‐4%
+0%
‐1%
‐0%
‐1%
0%
‐5% +2%
+13% +17% +7% ‐13% ‐16% +3%
‐13% ‐11% ‐13%
+3% ‐6% ‐26% ‐30% ‐10%
‐26% ‐14% ‐17% ‐3%
‐9% ‐29% ‐33% ‐13%
‐13% ‐5%
‐7% +6% +9%
‐20% ‐24% ‐4%
‐3% +15% +13% +26% +29% +20%
‐4% +16%
+2% +19% +16% +30% +33% +24% +4%
+20%
‐14% ‐1%
‐3% +10% +13% +4% ‐16% ‐20%
‐7% +7% +5% +18% +21% +12% ‐8% ‐12% +8%
‐26% +4% +2% +15% +19% +9% ‐11% ‐14% +5%
‐14% ‐24% ‐26% ‐13% ‐10% ‐19% ‐39% ‐43% ‐23%
‐16% ‐1%
‐4% +9% +13% +3% ‐17% ‐20% ‐1%
‐10% +2%
‐0% +13% +16% +7% ‐13% ‐17% +3%
‐12% ‐1%
‐3% +10% +14% +4% ‐16% ‐19% +0%
‐11%
‐5%
‐18%
‐21%
‐12%
+8%
+12%
‐8%
‐2%
‐15%
‐19%
‐9%
+11%
+14%
‐5%
+2%
+26%
+13%
+10%
+19%
+39%
+43%
+23%
+31%
+29%
+4%
‐9%
‐13%
‐3%
+17%
+20%
+1%
+8%
+6%
‐23%
‐2%
‐31% ‐29%
‐8% ‐6% +23%
‐5% ‐3% +26% +3%
‐8% ‐5% +23% +1%
+0%
‐13%
‐16%
‐7%
+13%
+17%
‐3%
+5%
+3%
‐26%
‐3%
+3%
‐10%
‐14%
‐4%
+16%
+19%
‐0%
+8%
+5%
‐23%
‐1%
+2%
‐2%
Footnotes
American Communty Survey (2009 ‐ 2011)
Returns the percent of all applications submitted in New Haven County that were from the City of New Haven. Examines whether any bank was more or less focused on lending in the City of New Haven; this returns the difference between each bank's lending focus and the average lending focus for all banks. Examines whether there were any differences in approval rates between applications from the City as opposed to the County; this returns the difference in approval rates between all applicants in New Haven County and all applicants in the City of New Haven
Notes on Statistcal Testing
Not Significant (p > .10) | Low (.05 < p ≤ .10) | Medium (.01 < p ≤.05) | High (p ≤ .01)
Two tailed T‐Test was used to determine P‐Value for all samples with N>30; Empirically‐generated p‐values were used for all small samples (N≤30)
HMDA Notes
a) 2011 HMDA Data for the City of New Haven was used for analysis; Loans purchased by institutions were excluded from the data set.
b) Liberty Bank merged with Bank of Southern Connecticut in January 2013. This analysis combines 2011 HMDA Data for both institutions.
c) Start Community Bank opened in 2012 and did not have lending activities in 2011. It was thus not included in the analysis.
27
HMDA Analysis: Black Applicants
Key Findings: Despite representing 36.1% of New Haven's population1, Black applicants comprised only 23% of all loan applications submitted in the City. On average loans were approved 45% of the time, 15% less than for White applicants and 8% less than the City average. Summary of Lending Data
Significance Key
not significant
Low
Medium
High
Difference in Approval Rates for Hispanic Applicants
pp
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For example: Bank of America's approval rate for Black applicants in the City was 20% less han Citibank's. The text is grey because the difference was not statistically significant.
Bank of America
Citibank
Connex CU
First Niagara
Chase Liberty Bank
People's United
TD Bank
Webster Bank
Wells Fargo
Other Banks
All Banks
Black
White
211
36
39
86
112
7
143
99
7
56
86
255
943
80
18
15
33
70
3
66
53
4
28
37
112
448
47 59% 17
9
50%
7
8
53%
9
20 61% 39
54 77% 20
3 100% 2
35 53% 49
41 77% 14
3
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1
8
29%
6
26 70% 14
70 63% 56
260 58% 162
2080 967 584 60% 396
10
2
4
15
12
1
24
2
1
1
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27
74
59%
29%
44%
38%
60%
50%
49%
14%
100%
17%
36%
48%
46%
13%
24%
32%
48%
20%
29%
35%
16%
20%
13%
21%
26%
21%
‐11% +0%
+1% ‐21%
+9%
‐9%
+24% ‐22%
‐4% ‐17%
+5% ‐50%
+12%
‐4%
‐7% ‐63%
‐3% +25%
‐10% ‐12%
‐3% ‐35%
+3% ‐14%
‐2% ‐12%
178 45% 23% 0% ‐15%
+14%
+30% +14% +20%
‐16% ‐30%
‐16% ‐10%
‐1% ‐14% +16%
+6%
‐6% ‐20% +10% ‐6%
+15% +1% +31% +16% +22%
+5%
‐9% +21% +6% +12%
+4% ‐10% +20% +5% +11%
‐31% ‐45% ‐14% ‐30% ‐24%
+55% +41% +71% +56% +62%
‐28% ‐42% ‐12% ‐28% ‐22%
‐9% ‐23% +7% ‐9% ‐3%
+3% ‐11% +20% +4% +10%
+1% ‐13% +17% +1% +7%
‐1% +9% +10% +45% ‐41%
‐31% ‐21% ‐20% +14% ‐71%
‐16% ‐6% ‐5% +30% ‐56%
‐22% ‐12% ‐11% +24% ‐62%
+10% +11% +46% ‐40%
‐10%
+1% +36% ‐50%
‐11% ‐1%
+35% ‐51%
‐46% ‐36% ‐35%
‐86%
+40% +50% +51% +86%
‐43% ‐33% ‐32% +2% ‐83%
‐24% ‐14% ‐13% +21% ‐64%
‐12% ‐2% ‐1% +34% ‐52%
‐14% ‐4% ‐3% +31% ‐54%
+42%
+12%
+28%
+22%
+43%
+33%
+32%
‐2%
+83%
+23%
‐7%
+9%
+3%
+24%
+14%
+13%
‐21%
+64%
‐19%
+19%
+32% +13%
+29% +10%
+11%
‐20%
‐4%
‐10%
+12%
+2%
+1%
‐34%
+52%
‐32%
‐13%
‐3%
Footnotes
1 American Communty Survey (2009 ‐ 2011)
2 Returns the percentage of all applicants that indicated an ethnicity/race that were Black.
3 Examines whether any bank was more or less focused on lending to Black applicants in New Haven; this returns the difference between the bank's Black applicant lending focus and the average Black applicant lending focus for all banks (23%).
4 Examines whether there were any differences in approval rates between White and Black applicants for each bank
a) Not Significant (p > .10) | Low (.05 < p ≤ .10) | Medium (.01 < p ≤.05) | High (p ≤ .01)
b) Two tailed T‐Test was used to determine P‐Value for all samples with N>30; Empirically‐generated p‐values were used for all small samples (N≤30)
c) White sub‐group was chosen (as opposed to the City approval rate) in order to maintain independence between the two groups for the purposes of statistical testing. HMDA Notes
b) Black applicant definition for the purposes of HMDA analysis: Applicants that were marked 'Black/Afican American' for race.
c) Liberty Bank merged with Bank of Southern Connecticut in January 2013. This analysis combines 2011 HMDA Data for both institutions.
28
d) Start Community Bank opened for operation in 2012 and did not have lending activities in 2011. It was thus not included in the analysis.
+13%
‐17%
‐1%
‐7%
+14%
+4%
+3%
‐31%
+54%
‐29%
‐10%
+3%
HMDA Analysis: Hispanic Applicants
Significance Key
Key Findings: Despite representing 25.6% of New Haven's population1, Hispanic applicants comprised only 15% of all loan applications not significant
submitted in the City. On average loans were approved 43% of the time, 17% less than for White applicants and 10% less than the City Summary of Lending Data
Low
Medium
High
Difference in Approval Rates for Hispanic Applicants
pp
‐
‐
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vs
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vs
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4 ‐
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ts
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l
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%
e
p
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Ap
pr
‐ s Ap
# nt
a
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‐
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To
For example: Bank of America's approval rate for Hispanic applicants in the City was 20% less han Citibank's. The text is grey because the difference was not statistically significant.
Bank of America
Citibank
Connex CU
First Niagara
Chase Liberty Bank
People's United
TD Bank
Webster Bank
Wells Fargo
Other Banks
All Banks
Hispanic
White
211
36
39
86
112
7
143
99
7
56
86
255
943
80
18
15
33
70
3
66
53
4
28
37
112
448
47 59% 23
9
50%
3
8
53%
4
20 61%
9
54 77%
7
3 100% 1
35 53% 20
41 77%
9
3
75%
0
8
29% 10
26 70% 14
70 63% 36
260 58% 122
2080 967 584 60% 258
3
1
2
3
3
0
12
2
0
0
5
14
66
13%
33%
50%
33%
43%
0%
60%
22%
0%
0%
36%
39%
54%
17%
10%
14%
11%
7%
14%
14%
10%
0%
21%
21%
17%
16%
+2% ‐46% ‐30%
‐20% ‐37%
‐5%
‐17% ‐10% +20%
‐17%
‐1%
‐3% +7% +37% +17%
‐4%
‐27% ‐10% +20% +0% ‐17%
‐8%
‐34% ‐0% +30% +10% ‐7%
‐1% ‐100% ‐43% ‐13% ‐33% ‐50%
‐1%
+7% +17% +47% +27% +10%
‐5%
‐55% ‐21% +9% ‐11% ‐28%
‐15% ‐75% ‐43% ‐13% ‐33% ‐50%
+6%
‐29% ‐43% ‐13% ‐33% ‐50%
+5%
‐35% ‐7% +23% +2% ‐14%
+2%
‐24% ‐4% +26% +6% ‐11%
+1%
‐4% +11% +41% +21% +4%
111 43% 15% 0% ‐17%
‐20% ‐30% +13% ‐47%
+0% ‐10% +33% ‐27%
+17% +7% +50% ‐10%
‐10% +33% ‐27%
+10%
+43% ‐17%
‐33% ‐43%
‐60%
+27% +17% +60%
‐11% ‐21% +22% ‐38%
‐33% ‐43% +0% ‐60%
‐33% ‐43% +0% ‐60%
+2% ‐7% +36% ‐24%
+6% ‐4% +39% ‐21%
+21% +11% +54% ‐6%
‐9%
+11%
+28%
+11%
+21%
‐22%
+38%
‐22%
‐22%
+13%
+17%
+32%
+13%
+33%
+50%
+33%
+43%
+0%
+60%
+22%
+13%
+33%
+50%
+33%
+43%
+0%
+60%
+22%
+0%
‐23%
‐2%
+14%
‐2%
+7%
‐36%
+24%
‐13%
‐36%
‐36%
‐26%
‐6%
+11%
‐6%
+4%
‐39%
+21%
‐17%
‐39%
‐39%
‐3%
+0%
+36% +36%
+39% +39% +3%
+54% +54% +18% +15%
Footnotes
2 Returns the percentage of all applicants that indicated an ethnicity/race that were Hispanic.
3 Examines whether any bank was more or less focused on lending to Hispanic applicants in New Haven; this returns the difference between the bank's Hispanic applicant lending focus and the average Hispanic applicant lending focus for all banks (15%).
4 Examines whether there were any differences in approval rates between White and Hispanic applicants for each bank
c) White sub‐group was chosen (as opposed to the City approval rate) in order to maintain independence between the two groups for the purposes of statistical testing. HMDA Notes
b) Hispanic definition for the purposes of HMDA Analysis: All primary applicants that were marked 'Hispanic/Latino' for ethnicity, excluding those marked 'Black' as race
29
‐41%
‐21%
‐4%
‐21%
‐11%
‐54%
+6%
‐32%
‐54%
‐54%
‐18%
‐15%
HMDA Analysis: Low/Moderate Income Applicants
Key Findings: Despite representing more than 39% of New Haven's population1, Low/Moderate Income Applicants comprised only 11% of all loan applications submitted in the City. On average loans were approved 31% of the time, 23% less than for Middle/Upper income applicants and 22% less than the City average. Difference in Approval Rates for Low/Moderate Income Applicants
Summary of Lending Data
Significance Key
not significant
Low
Medium
High
pp
‐
‐
ks
an
B
‐
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‐
th
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. O
F
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vs
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B
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ty
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‐
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iti
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m
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Ba
ll . B
‐ vs
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4 ‐
vs
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pp
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A
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ts
nc
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Di
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e
A
nc
at
ll re
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‐
f a
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%
e
p
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Ap
pr
‐ s Ap
# nt
a
lic
‐
‐ pp
e A
at
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# a
‐
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For example: Bank of America's approval rate for Low/Moderate Income applicants in the City was 20% less han Citibank's. The text is grey because the difference was not statistically significant.
Middle/Upper Income
Bank of America
Citibank
Connex CU
First Niagara
Chase Liberty Bank
People's United
TD Bank
Webster Bank
Wells Fargo
Other Banks
All Banks
211
36
39
86
112
7
143
99
7
56
86
255
943
Low/Moderate 185
32
35
76
69
7
126
90
5
39
61
205
771
108
13
15
38
43
5
64
56
3
13
35
117
417
58%
41%
43%
50%
62%
71%
51%
62%
60%
33%
57%
57%
54%
16
4
4
5
9
0
14
7
1
6
15
29
97
2080 1701 927 54% 207
4
2
0
1
4
0
9
2
1
2
4
7
30
25%
50%
0%
20%
44%
0%
64%
29%
100%
33%
27%
24%
31%
8%
11%
10%
6%
12%
0%
10%
7%
17%
13%
20%
12%
11%
66
32% 11%
‐3%
+0%
‐1%
‐5%
+1%
‐11%
‐1%
‐4%
+6%
+2%
+9%
+2%
+0%
0%
‐33%
+9%
‐43%
‐30%
‐18%
‐71%
+13%
‐34%
+40%
+0%
‐31%
‐33%
‐23%
‐23%
‐7%
+18%
‐32%
‐12%
+13%
‐32%
+32%
‐3%
+68%
+1%
‐5%
‐8%
‐1%
‐25%
+25%
‐25%
‐5%
+19%
‐25%
+39%
+4%
+75%
+8%
+2%
‐1%
+6%
‐50%
‐30%
‐6%
‐50%
+14%
‐21%
+50%
‐17%
‐23%
‐26%
‐19%
+25% +5% ‐19% +25% ‐39% ‐4% ‐75% ‐8% ‐2% +1% ‐6%
+50% +30% +6% +50% ‐14% +21% ‐50% +17% +23% +26% +19%
‐20% ‐44%
+0% ‐64% ‐29% ‐100% ‐33% ‐27% ‐24% ‐31%
+20%
‐24% +20% ‐44% ‐9% ‐80% ‐13% ‐7% ‐4% ‐11%
+44% +24%
+44% ‐20% +16% ‐56% +11% +18% +20% +14%
+0% ‐20% ‐44%
‐64% ‐29% ‐100% ‐33% ‐27% ‐24% ‐31%
+64% +44% +20% +64%
+36% ‐36% +31% +38% +40% +33%
+29% +9% ‐16% +29% ‐36%
‐71% ‐5% +2% +4% ‐2%
+100% +80% +56% +100% +36% +71%
+67% +73% +76% +69%
+33% +13% ‐11% +33% ‐31% +5% ‐67%
+7% +9% +2%
+27% +7% ‐18% +27% ‐38% ‐2% ‐73% ‐7%
+3% ‐4%
+24% +4% ‐20% +24% ‐40% ‐4% ‐76% ‐9% ‐3%
‐7%
+31% +11% ‐14% +31% ‐33% +2% ‐69% ‐2% +4% +7%
Footnotes
2 Returns the percentage of all applicants that indicated an annual income of less than $37,390 (80% of Median Family Income in New Haven)
c) Middle/Upper Income sub‐group was chosen (as opposed to the City approval rate) in order to maintain independence for the purposes of statistical testing. HMDA Notes
b) Low/Moderate Income applicant definition for the purposes of HMDA analysis: Applicants that were marked having an income less than $37,390 per year
30
HMDA Analysis: Middle Income Applicants
Significance Key
Key Findings: Despite representing more than 30% of New Haven's population1, Middle Income applicants comprised only 20% of all loan not significant
applications submitted in the City. On average loans were approved 44% of the time, 13% less than for Upper Income applicants and 8% less than the City average. Low
Medium
High
Difference in Approval Rates for Middle Income Applicants
Summary of Lending Data
pp
‐
‐
ks
an
B
‐
er
‐
th
go
ar
. O
F
‐
vs
ls ‐ el
k an
. W
B
vs
‐
er
‐ st
k eb
an
. W D B
‐
vs
‐ . T
n vs
g
ie
er
‐
ov
‐ . S
s n
vs
e
z
iti
‐
C
‐
BS ited
. R
n
vs
‐
s U
‐
e'
pl
nk
eo
Ba
. P
ty
‐
vs
er
‐
ib
e s
. L
a
h
vs
‐
. C
‐
vs
ra
ga
ia
‐
t N
‐ U irs
C
. F
ex
vs
n
‐
on
‐
. C
nk
vs
ba
iti
‐
. C
‐
vs
ica
er
m
‐
f A
s ‐
k o
nk
an
Ba
ll . B
‐ vs
. A
4 ‐
vs
es
at
l R
‐
va
3 ‐
ro
us
pp
oc
A
in
g F 2 ‐ ‐
e in
ts
nc
nd
re
an
Le
lic ‐ ‐
ffe
in
Di
e pp
e
A
nc
at
ll re
l R
‐
f a
ffe
o rova d ‐ Di
%
e
p
ov ‐
Ap
pr
‐ s Ap
# nt
a
lic
‐
‐ pp
e A
at
of
l R ‐
# a
‐
ov
ed
pr
ov ‐
Ap
pr
‐ s Ap
t
# an lic
n
pp ave
A
H
of
# ew
N
in
ts
an
lic
l A
ta
To
For example: Bank of America's approval rate for Middle Income applicants in the City was 20% less han Citibank's. The text is white with a dark background because the difference was found to be significant (p<.01)
Middle Income
Upper Income
Bank of America
Citibank
Connex CU
First Niagara
Chase Liberty Bank
People's United
TD Bank
Webster Bank
Wells Fargo
Other Banks
All Banks
211
36
39
86
112
7
143
99
7
56
86
255
943
165
27
23
50
56
6
96
66
4
30
50
158
584
101
13
10
28
36
4
49
47
3
12
31
99
323
61%
48%
43%
56%
64%
67%
51%
71%
75%
40%
62%
63%
55%
20
5
12
26
13
1
30
24
1
9
11
47
187
2080 1315 756 57% 386
7
0
5
10
7
1
15
9
0
1
4
18
94
35%
0%
42%
38%
54%
100%
50%
38%
0%
11%
36%
38%
50%
10%
14%
31%
32%
17%
14%
21%
25%
17%
20%
14%
20%
22%
‐10% ‐26%
‐6% ‐48%
+11%
‐2%
+12% ‐18%
‐4% ‐10%
‐6% +33%
+1%
‐1%
+5% ‐34%
‐4% ‐75%
‐0% ‐29%
‐6% ‐26%
‐0% ‐24%
+1%
‐5%
171 44% 20% 0% ‐13%
‐9%
‐44%
‐3%
‐6%
+10%
+56%
+6%
‐7%
‐44%
‐33%
‐8%
‐6%
+6%
+35%
‐35%
+7%
+3%
+19%
+65%
+15%
+3%
‐35%
‐24%
+1%
+3%
+15%
+42%
+38%
+54%
####
+50%
+38%
+0%
+11%
+36%
+38%
+50%
‐7% ‐3%
‐42% ‐38%
+3%
‐3%
+12% +15%
+58% +62%
+8% +12%
‐4% ‐1%
‐42% ‐38%
‐31% ‐27%
‐5% ‐2%
‐3% ‐0%
+9% +12%
‐19% ‐65% ‐15%
‐54% ‐100% ‐50%
‐12% ‐58% ‐8%
‐15% ‐62% ‐12%
‐46% +4%
+46%
+50%
‐4% ‐50%
‐16% ‐63% ‐13%
‐54% ‐100% ‐50%
‐43% ‐89% ‐39%
‐17% ‐64% ‐14%
‐16% ‐62% ‐12%
‐4% ‐50% +0%
‐3%
‐38%
+4%
+1%
+16%
+63%
+13%
‐38%
‐26%
‐1%
+1%
+13%
+35%
+0%
+42%
+38%
+54%
+100%
+50%
+38%
+24%
‐11%
+31%
+27%
+43%
+89%
+39%
+26%
‐11%
‐1%
‐36%
+5%
+2%
+17%
+64%
+14%
+1%
‐36%
‐25%
‐3%
‐38%
+3%
+0%
+16%
+62%
+12%
‐1%
‐38%
‐27%
‐2%
+11%
+36% +25%
+38% +27% +2%
+50% +39% +14% +12%
Footnotes
2 Returns the percentage of all applicants that indicated an annual income between $37,390 and $56,085 (80‐120% of Median Family Income in New Haven)
c) Upper Income sub‐group was chosen (as opposed to the City approval rate) in order to maintain independence for the purposes of statistical testing. HMDA Notes
b) Middle Income applicant definition for the purposes of HMDA analysis: Applicants that were marked having an income between $37,390 and $56,085 a year
31
‐15%
‐50%
‐9%
‐12%
+4%
+50%
‐0%
‐13%
‐50%
‐39%
‐14%
‐12%
THIS PAGE INTENTIONALLY LEFT BLANK
32
Beneficios para la Comunidad
Reconociendo que las instituciones financieras en New Haven pueden tener un impacto positivo en nuestra comunidad más allá de los productos y servicios que ofrecen. Para capturar estas actividades en el 2013 CIRC, cada banco clasificado en el informe de este año tuvo la oportunidad de completar una encuesta acerca de su impacto en la comunidad. Las preguntas incluyen: 1. ¿Su institución directa o indirectamente apoya los programas de la comunidad y / o servicios en la Ciudad de New Haven? Si es así, ¿cuáles y hasta qué punto? 2. ¿Su institución proporciona las clases de educación financiera, talleres o extensión en la ciudad de New Haven? 3. Enumere las tres principales formas en que su institución tiene un impacto positivo en la ciudad de New Haven. 4. Enumere las tres principales formas en que su institución ofrece oportunidades de la banca para personas no bancarizadas o poco bancarizadas en la ciudad de New Haven. 5. ¿Hay alguna información adicional que debe ser considerado para su institución en el Informe de 2013 CIRC? Note: Los bancos que respondieron a tiempo con una encuesta realizada recibieron un punto bono añadido a su puntuación. Respuestas en blanco a continuación indican que la encuesta no fue devuelto. 33
Question 1: Does your institution directly or indirectly support community programs and/or services in the City of New Haven? If so, which ones and to what extent?
Bank of America ‐ Education/workforce development: City of New Haven summer jobs program, LEAP, Teach for America, Solar Youth, Career Resources (grant for city of New Haven schools), Yale University School of Management Military/Nonprofit Scholarship, Yale New Haven Hospital (Closer to Free), Bank of America Student Leader Program (two city of New Haven high school students selected for summer leadership training program and national leadership training experience in Washington DC). ‐ Community Development/Housing: Neighborhood Housing Services of New Haven, Neighborworks New Horizons, Greater New Haven Community Loan Fund, Habitat for Humanity of New Haven, Economic Development Corp. of New Haven ‐ Critical Needs: Columbus House, Community Soup Kitchen, New Haven Home Recovery, Christian Community Action ‐ Arts: Shubert Theatre, Yale Repertory Theatre, New Haven Symphony, Long Wharf Theatre, International Festival of Arts and Ideas, Market New Haven (sponsor of New Haven Restaurant Week – April, 2013) ‐ Other: United Way of Greater New Haven, Greater New Haven Chamber of Commerce, CT Fund for the Environment /Save the Sound Citibank Connex CU First Niagara Chase Bank Liberty Bank In 2013, Connex Credit Union made a direct donation of $1,000 and over 48 staff volunteer hours to Habitat for Humanity of Greater New Haven. Connex Credit Union also donated $4,000 as the title sponsor of the WPLR ShamRock & Roll Road Race in support of The Diaper Bank. At the grand opening of its downtown New Haven office on July 22, Liberty Bank provided grants to five nonprofit organizations based in New Haven: Community Action Agency of New Haven, Farnham Neighborhood Center, Higher Heights Youth Empowerment Program, Neighborhood Housing Services of New Haven and the New Haven YMCA. In addition, at the same event, the bank presented grants from its annual Giving Circle program to five New Haven agencies that provide emergency or transitional shelter to homeless people, as follows: Christian Community Action, Columbus House, New Haven Home Recovery / Life Haven, Liberty Community Services, and Emergency Shelter Management Services. ‐ With the recent addition of New Haven to Liberty Bank's service area, the Liberty Bank Foundation has begun accepting grant applications from New Haven‐based nonprofits. Foundation staff are also reaching out to nonprofits and funders in the community to familiarize themselves with existing community needs and initiatives, with an eye toward becoming an active partner in those that relate to the foundation's funding priorities. 34
People's United People's United supports various community development and affordable housing efforts in New Haven by partnering with not‐for‐profit organizations such as Neighborhood Housing Services of New Haven, NeighborWorks New Horizons, and the Greater New Haven Community Loan Fund. Through investments, board participation, event sponsorships, charitable contributions, and conducting home‐
buying education seminars, together with these organizations People's United helps advance meaningful community initiatives. ‐ Additionally, in partnership with Yale University, the bank offers homebuyer education to employees of the university twice per year, which is attended by 80 to 100 people. And earlier this year, the bank offered a two‐hour home‐buying seminar to students at Albertus Magnus College. People's United is one of a select group of lenders that offer the Housing Development Fund's Smart Move down payment and closing cost assistance program to qualified borrowers in New Haven. The bank also provides statewide support for Community Development Financial Institutions (CDFI), as well as the Connecticut Housing Finance Authority, which has a direct impact on economic, affordable housing, and small business development efforts in New Haven. ‐ Through a variety of employee volunteer activities, the bank is engaged with multiple New Haven‐
based not‐for‐profit organizations such as Literacy Volunteers, Creative Arts Workshop, Fellowship Place, Columbus House, Leukemia and Lymphoma Society, etc. And since 2012, People's United has contributed close to $400,000 to not‐for‐profit organizations that provide needed services in New Haven and surrounding towns. Citizens Bank The Citizens Bank Foundation supported New Haven‐based community organizations with more than $80,000 in grants in 2012. These organizations include: Neighborhood Housing Services of New Haven, New Haven Home Recovery, Christian Community Action, the Greater New Haven Community Loan Fund, Fellowship Place, Liberty Community Services, and the Yale Peabody Museum. Additionally, the RBS CFG Community Service Sabbatical recipient is currently serving her 3 month paid leave at New Haven’s Columbus House. ‐ We encourage our colleagues to become active, engaged volunteers with each of these community partners. RBS Citizens colleagues have volunteered more than 425 hours in the New Haven area this year. ‐ Gear for Grades – More than 1,125 backpacks will be donated to children across the state this year through our partnership with the YMCA of CT and the CT Association of Foster & Adoptive Parents. Children in New Haven will receive these bags through these collaborations. More than $10,000 invested in backpacks and coloring books alone‐ in addition to media and marketing support in branches across the state. ‐ Since 2002, RBSCFG has partnered with more than 250 Champions in Action® throughout our communities and invested more than 6 million in charitable grants. In partnership with key media outlets, we provide unrestricted grants, volunteer support, and publicity to help those organizations improve the quality of life in their communities. In 2012, this program celebrated its 10th neighborhood development anniversary by awarding grants of $35,000 each to 14 nonprofit organizations in our footprint that provides support in the areas of youth initiatives and neighborhood development. Through our “Citizens Helping Citizens” initiative, we’re focusing particular attention on strengthening communities, fighting hunger and teaching money management. By providing financial and other support to the local programs, organizations and initiatives tackling these issues, we make investments in our neighborhoods that enrich us all. Through our “Community Cashback Program” colleagues who volunteer at least 50 hours with a qualified nonprofit organization are rewarded by providing a $250.00 grant to the nonprofit on their behalf. ‐ Citizens Bank “Matching Gifts” supports colleagues that support the community by matching their giving up to $1,000/year. 35
Sovereign Bank Start Bank TD Bank Webster Bank ‐ Start Community Bank (SCB) directly supports numerous community programs and services within the City of New Haven. We have provided financial literacy training to various nonprofits in our area (see question 2 for more details), as well as specialized accounts for nonprofits. These include Youth@Work, Solar Youth, Christian Community Action, and Columbus House, among others. In November 2012, we participated in New Haven Public Schools’ Parent University. ‐ Each spring, the Bank collaborates with Neighborhood Housing Services to provide a Neighborhood Multicultural Family Fun Festival—welcoming more than 500 of our neighbors in our parking lots with free food, activities, and entertainment for the entire family. This has rapidly become the event of the year for the neighborhood on this side of Whalley Avenue. And we participate in the Fair Haven Management Team’s Fall Festival. We are also active participants in various activities with the Chatham Square Neighborhood Association throughout the year, and are proud to march in the Freddie Fixer and Mary Wade Fair Haven Parades each Spring. ‐ In addition, the staff is actively involved in attending management team meetings in the Fair Haven and Whalley Avenue communities, as well as the Chatham Square Neighborhood Association, Whalley Avenue Special Services District and West River Neighborhood Revitalization Zone meetings, Greater New Haven Community Loan Fund, New Haven Rotary Club, among others. We have also done presentations to various church groups. ‐ SCB contributes more than $20,000 in sponsorship contributions and attending events in support of local nonprofits each year, as well as in kind support of staff volunteers. This is a significant percentage of revenue for a start‐up, de novo bank. At TD Bank, we are committed to making a meaningful and positive contribution to the individuals, families, businesses and communities within our marketplace. We serve on boards, work with neighborhood groups and donate hundreds of hours of volunteer time to numerous civic and non‐
profit organizations in New Haven. Through the TD Charitable Foundation, we focus our grant‐making to help sustain the well‐being of the communities we serve. We founded the TD Charitable Foundation in 2002 to give back to the people who are more than just customers to us. We want to support and help our neighbors. Through the TD Charitable Foundation and the financial grants it makes, we partner with area non‐profit and public institutions to create meaningful change and improvement in our communities. Coupled with the commitment of our employees and the hundreds of volunteer hours they donate each year, this makes a significant impact in New Haven. It's a tradition we hold dear. We look forward to many more years of community involvement and responsible corporate citizenship. In 2012, Webster donated $261,523.00 to 93 non‐profit organizations serving residents of the City of New Haven. Among the recipients were New Haven Legal Assistance Association , Project Access New Haven , Columbus House, Office for Catholic Social Justice Ministry, St. Martin de Porres Academy, YMCA of Central Connecticut, Westville Village Renaissance Alliance, NeighborWorks New Horizons, Market New Haven, L.E.A .P., Junior Achievement for Southwest New England, Junta for Progressive Action, Farnam Neighborhood House, Connecticut Food Bank, Art Space, and Christian Community Action . 36
Wells Fargo Since 2011, Wells Fargo has contributed nearly $700,000 in grants and donations to dozens of New Haven non‐profits, including such organizations as the Neighborhood Housing Services of New Haven, New Haven Symphony Orchestra, New Haven Promise, Greater New Haven Community Loan Fund, The United Way and the Greater New Haven Chamber of Commerce. Additionally, overall last year, Wells Fargo team members donated close to 1,500 volunteer hours at New Haven non‐profits and community groups. ‐ Specifically of note, Wells Fargo partnered with Neighborhood Housing Services (NHS) of New Haven in its work to stabilize and revitalize the Newhallville neighborhood. NHS has renovated over a dozen properties into affordable homes for first‐time homebuyers which includes two REO (real‐estate owned) properties that Wells Fargo sold to NHS through the Neighborhood Community Stabilization Trust at a discount and one property that was donated to the organization at no cost. To further support NHS’s community stabilization efforts, Wells Fargo awarded a $70,000 grant to NHS as part of its Priority Markets program and provided over 120 hours in volunteer time. Since 2011, Wells Fargo has awarded $190,000 in grant support to NHS of New Haven for community stabilization, homeownership counseling, and housing development. ‐ Wells Fargo made a contribution of $300,000 to underwrite the full cost of New Haven: Partnership for the first year, which is a component of the New Haven Promise effort. The program is fully dedicated to organizing students, parents, and community members using the College Summit model to increase college enrollment and ensure students take advantage of the opportunity to get a free postsecondary education. Wells Fargo employees conduct financial education seminars for parents and students participating in the program annually on college financing. An additional 25 employee volunteers have participated in volunteer canvassing campaigns, going into neighborhoods and educating community members about the New Haven Promise program and of its importance. 37
Question 2: Does your institution provide any financial literacy classes, workshops, or outreach in the City of New Haven?
Bank of America Bank of America associates conducted financial literacy classes on basic banking, credit and homeownership in conjunction with area employers and nonprofit organizations in the city of New Haven ‐ and had a team of participated in a home retention outreach event in the city. The bank also participates in volunteer activities including food collection, beach cleanup and home‐building for low income families. Citibank Connex CU First Niagara Chase Bank Liberty Bank Connex Credit Union routinely offers free workshops that are open to the public including all New Haven residents. Our topics include first‐time home buying, increasing your home’s value, improving your credit score, Medicare, Wills and why you need one, identity theft, budgeting, and other topics. Liberty Bank has conducted financial literacy programs for New Life Corporations' "Prison to Work" Men’s program and Women’s program. Liberty Bank also sits on the steering committee for the Asset Building Coalition, a statewide advocacy group based in New Haven to advance the policy agenda for assisting asset building capability among low income residents and LISC's Local Advisory Council (statewide affordable housing support organization). The Bank also has cultivated relationships with the local CAP Agency, Neighborhood Housing Services of New Haven, CT Voices for Children, Habitat for Humanity, etc. Our aim is to be actively engaged in leveraging Liberty Bank resources for effective project development. People's United People's United has conducted (6) six financial literacy classes year‐to‐date, and 15 in the Greater‐New Haven market. Later this month, the bank will also be conducting a financial education workshop in partnership with Concepts for Adaptive Learning for participants of the Technology Cascade and Training Program. Citizens Bank RBS Citizens and the Citizens Bank Foundation have partnered with the CT Money School and La Escuela de Dinero for the past several years to promote the importance of financial literacy. Colleagues logged more than 60 hours this year in New Haven, providing VITA Tax preparation assistance, as well as presentation on banking basics, budgeting and checking accounts. Sovereign Bank Start Bank SCB provides financial literacy training to more than 1,000 people each year—more than 3,000 individuals since our inception. Among the groups we’ve provided financial literacy training to within the past year are: Youth@Work, Housing Authority of New Haven (for teens and seniors), LEAP, Solar Youth, Columbus Family Academy, New Horizons High School, Columbus House, Literacy Volunteers for Greater New Haven, New Haven Home Recovery, and the Youth Development Training & Resource Center at The Consultation Center. We have also been actively involved in Columbus House’s Employment & Enrichment Center programming. And, in November 2012, we participated in New Haven Public Schools’ Parent University, providing a financial literacy training session for parents and guardians. Under our Youth@Work and other youth employment programs, 474 of our young residents have begun a program of savings and 81% have maintained these accounts. 38
Question 2: Does your institution provide any financial literacy classes, workshops, or outreach in the City of New Haven?
TD Bank The TD Bank WOW! Zone is a financial education program from TD Bank. This one‐of‐a‐kind program helps students in grades K‐12 develop strong financial skills, in school and online. Trained TD Bank instructors will visit students' classrooms with teacher‐written lesson plans developed in accordance with the National Council of Teachers of Mathematics standards. TD Bank also provides financial literacy in the form of First Time Homebuyer Seminars. In addition, TD Bank offers Small Business Financial Seminars to the New Haven Business Community. Webster Bank In a little more than a year, Webster Bank has hosted 16 financial literacy workshops, both independently and in partnership with the Connecticut Housing Finance Authority, in New Haven. These were attended by 182 individuals. Wells Fargo Wells Fargo conducts financial education seminars in partnership with New Haven Promise, SLATE, Arte Inc., Youth Continuum, and other organizations in the City of New Haven. We have a free, on‐line based financial education curriculum that we use and is accessible to everyone at www.handsonbanking.org. Through an initiative led by ARTE Inc., called SLATE, two groups of middle school students from Fair Haven graduated from an intensive, two‐year life and social skills program. Wells Fargo helped fund the program and company employees conducted financial education and banking skills workshops. Students were taught about the importance of saving; they opened their first savings accounts, and were encouraged to save for college. Participants were also given tours of the oldest Wells Fargo branch in New Haven and were introduced to bankers who spoke to them about the banking profession and what it entails. 39
Question 3: List the top three ways in which your institution makes a positive impact on the City of New Haven.
Bank of America Grant (key recipients Listed above) and sponsorship support, associate engagement in volunteer activities (including food collection, beach cleanup and home building) and donation of bank owned properties to local nonprofit housing organizations (NHS of New Haven (2) and NW New Horizons (1) for renovation and sale to low income first time home buyers. Citibank Connex CU 1. As a non‐profit financial cooperative, Connex Credit Union is able to provide reputable financial advice and services to New Haven citizens with their best interests in mind. 2. As a community partner, Connex Credit Union donates thousands of dollars annually to various causes in New Haven and the surrounding towns. 3. Connex Credit Union’s financial workshops help to educate and improve the lives of both our members and non‐members in the community. First Niagara Chase Bank Liberty Bank People's United Liberty Bank has only recently entered the New Haven market, but intends to become a positive force there as it has been in other communities it serves. • Liberty Bank offers market‐leading products that provide value to consumers that they cannot find at other banks. Examples include the Breakfree Checking Account, Quarter Back Checking, and the bank's special offer of a 1/2% discount on mortgages to home buyers in New Haven. • The Liberty Bank Foundation staff is familiarizing itself with community needs and initiatives in New Haven, talking with funders and nonprofits to learn where the foundation can best exercise its grant making and community organizing capabilities to benefit city residents. The foundation is looking to build partnerships with organizations that work in its priority funding areas: education programs that support economic success for people of low/moderate income, and development of affordable housing. • Over the coming months, expect to see Liberty employees participating in volunteer activities with local organizations. Volunteerism is a core value in Liberty's culture; in fact, the bank allows every employee to take up to four full days of paid release time each year to perform community service. In 2012, 178 of the bank's 600+ employees reported spending a total of over 17,200 hours volunteering for 243 different community organizations‐‐and not all employees who volunteer complete the survey that provided these figures. Overall, the biggest benefit Liberty can provide to New Haven is something the city has been missing for several years: to offer city residents the chance to bank with a local, mutual, community bank. Liberty is an institution with over 180 years of history and a well‐earned reputation for outstanding products; caring, personal service; and a genuine commitment to its customers, employees, and communities. Branch presence, Not‐for‐profit engagement, and statewide CDFI support. 40
Citizens Bank Sovereign Bank Our colleagues are actively engaged in the community and serve on more than 5 boards contributing a total of 425 volunteer hours to the community. Our signature programs embrace community issues and are part of the fabric of our organization. It takes resources to move communities forward. That’s why we partner with organizations, businesses and individuals who are developing plans for a better future. We help to provide access to the critical financial resources needed to execute these plans. We make community development loans to support community services, affordable housing, construction and community revitalization projects. In addition to loans, RBS Citizens Financial Group helps to originate community development investments on both a direct and indirect basis. We consider investment opportunities sponsored by CDC’s, CDE’s and CDFI’s and, at this time, we have $3.6 million in investments outstanding with non‐profit organizations in New Haven. . On the consumer side we make affordable home ownership possible and our Energy Sense program enables us to help homeowners reinvest in their homes in a sensible way. Start Bank 1) SCB has been successful in providing positive financial literacy programs to a wide demographic in the City of New Haven from youth to seniors. From helping Youth@Work employees get their first savings account, to helping those who are homeless get a new start with a banking account, we provide those who participate in our financial literacy sessions the information they need to learn how to save and manage their money better. 2) We have introduced products for the unbank and underbanked which allow alternatives to dependence on check cashiers. Our second chance accounts do just that: they offer those who have struggled financially a second chance to get back on their feet and begin saving again. To date we have opened 134 Second Chance Accounts. Our recent “Fee Keeper” campaign encouraged people to cash their checks at Start Community Bank, with their check fee then deposited into a savings account. 3) As mentioned above, SCB is very committed to the New Haven community, and is a very active supporter of numerous nonprofits and grass roots organizations within our City. We are there for the residents of New Haven, as well as the City itself and the numerous organizations based here, through attendance at neighborhood meetings and meeting with those in the nonprofit community, so we can understand the issues and concerns that are critical in our region. Staff has attended countless aldermanic meetings and provided support on various initiatives, including helping bring the Alexion headquarters to New Haven, the Stop & Shop gas station on Whalley Avenue to fruition, as well as supporting the Greater New Haven Community Loan Fund on the Sinking Homes initiative in Westville. Our 21‐person staff cumulatively provides more than 1,500 hours of community service each year. Whether it’s attending local meeting and events, or serving on the boards of local nonprofits, our staff is very involved. TD Bank Serve on boards, work with neighborhood groups and donate hundreds of hours of volunteer time to numerous civic and non‐profit organizations on New Haven. 41
Webster Bank Through lending to projects that improve the quality of life for New Haven residents. Prime examples of our lending activity include Webster's financing of the recently‐completed 44 new and renovated housing units in the $4.6 million Fair Haven scattered site housing redevelopment project; our $3.5 million financing of the Elm City Market at 360 State Street; and our $4 million loan for the conversion of historic Lovell School into an 18‐unit rental property. Through community involvement. Webster executives, including our Regional President Jeff Klaus, volunteer and serve as directors on boards of such vital non‐profit agencies in New Haven as Project Access and NeighborWorks New Horizons. Our bankers participate in homebuilding with Habitat for Humanity, lace up their sneakers on weekends to walk for the Connecticut Food Bank, and take time off to teach students at the Barnard Elementary School about financial literacy as part of Junior Achievement's JA in a Day. I myself serve on the board of the Connecticut Institute for the 2151 Century. By providing products that address the needs of less affluent customers. Those products include our Opportunity Checking and our Student Checking accounts. Opportunity Checking, which can be opened with as little as $50, offers consumers who have encountered difficulties managing a checking account in the past a second chance to have an account. After a period, Opportunity Account holders can graduate to one of our traditional checking products. Similarly, Webster's Student Checking and our eChecking accounts offer young adults and others a low‐cost alternative to a traditional account. Wells Fargo Helping Customers Succeed Financially – Wells Fargo’s over 50 New Haven team members work every day to help local companies, individuals and individuals to succeed financially through individualized counseling and the products and services we offer. We also pay close attention to service by conducting monthly surveys of our retail banking customers. Small business is an important driver of the New Haven economy and it is the entrepreneurial spirit that helps creates jobs and generate tax revenue in the City for years to come. Between 2009 and 2011, Wells Fargo has supported New Haven small businesses by providing 246 small business loans and extending over $14 million in credit. Of that, 185 of the small business loans were in LMI areas. We also provided funding to the Greater New Haven Chamber of Commerce to revive New Haven’s Small Business Assistance Center, which provides free assistance to small‐business owners. Wells Fargo employees are committed to helping the communities in which we serve to thrive and succeed. Representatives from Wells Fargo have volunteered hundreds of hours at local food pantries, in New Haven schools, and conducting seminars for small businesses and individuals. Community organizations throughout Greater New Haven count on Wells Fargo employees to serve on their boards and committees including: NHS of New Haven, The Schubert Theater, Gateway Community College, Neighborworks New Horizons, United Way of Greater New Haven, Gateway College Foundation, and the New Haven Chamber of Commerce. Non‐profit giving – Since 2011, Wells Fargo has contributed nearly $700,000 in grants and donations to dozens of New Haven non‐profits, including such organizations as the Neighborhood Housing Services of New Haven, New Haven Symphony Orchestra, New Haven Promise, Greater New Haven Community Loan Fund, The United Way and the Greater New Haven Chamber of Commerce. Volunteering ‐ Simply writing checks is not enough. Our employees are also part of the fabric of community by volunteering their time at non‐profits and local causes they are passionate about. We have team members serving on the Boards of the Arts Council, Shubert Theater, Gateway Community College, New Haven Chamber of Commerce, Neighborhood Housing Services, Neighborworks New Horizons and the United Way of Greater New Haven. Additionally, overall last year, Wells Fargo team members donated close to 1,500 volunteer hours at New Haven non‐profits and community groups. 42
Question 4: List the top three ways in which your institution provides banking opportunities for un/under banked individuals in the City of New Haven.
Bank of America Provision of no fee account options (with balances or direct deposit) , state of the art financial literacy for inexperienced adults and youth delivered through in person workshop presentations and state of the art interactive online tools (Better Money Habits.com/Sal Khan Academy, other) and extensive network of banking centers with trained personal bankers educational. Citibank Connex CU 1. Connex Credit Union requires only a $25 savings account to maintain a good‐standing membership and offers checking accounts with no monthly maintenance fees and no minimum balance requirements. 2. Connex Credit Union has a Second Chance Checking that we’re able to offer to people who would normally not be approved for a checking account. 3. Connex Credit Union offers convenience services that are appealing to the under‐banked including a surcharge‐free ATM network of more than 43,000 ATMs, a shared branching network of more than 5,000 branches, online banking, mobile banking, mobile check deposit, and telephone banking. First Niagara Chase Bank Liberty Bank People's United Citizens Bank Sovereign Bank Wide selection of checking and savings products that have no monthly maintenance fees and no minimum balance requirements. Individuals may open accounts 24/7 via website and may access accounts/funds 24/7 via online PC banking, mobile banking, web browser, ATMs, and/or telephone banking – services listed carry no transaction fees, usage fees or monthly maintenance fees. Through an exclusive partnership with Stop & Shop, People's United has 20 branches in supermarkets throughout the Greater‐New Haven market, including two locations specifically in the city. These full‐
service in‐store branches are available (7) seven days a week and are accessible on bus lines for people without cars and who do not work during "normal" business hours. RBS Citizens makes homeownership more accessible and home improvements possible for low and moderate income people. We help stabilize communities by providing access to innovative financing that allows people to invest in their homes in ways that also helps improve their neighborhoods. We accomplish much of this by offering the following innovative and flexible, low‐cost home purchase and refinance loan products and services. RBS Citizens’ Destination Home loan program offers eligible, prospective homeowners with an opportunity to buy and sustain a home with a very minimal down‐
payment and an affordable, low‐monthly mortgage payment. RBS Citizens also offers a portfolio FHA loan program to eligible low‐to‐moderate income borrowers and/or borrowers that purchased homes in low‐moderate income census tracts across its footprint. In addition to a 30‐year, fully amortizing, loan term, we offered this special loan program at a half percent (.5%) to one percent (1%) lower than a conventional fixed rate. In 2012, RBS Citizens committed $1 Million to a program that makes homeownership possible for families who may not otherwise have the opportunity to purchase a home because they lacked sufficient savings for a down payment or they did not have enough money to pay for typical closing costs. 43
Start Bank TD Bank Webster Bank 1) SCB has introduced products for the unbank and underbanked which allow alternatives to depending on cash cashiers. Our second chance accounts do just that: they offer those who have struggled financially a second chance to get back on their feet and begin saving again. To date we have opened 134 second chance accounts. We provide the community the opportunity for walk‐in bill pay (with more than 5,000 providers in our system); as well as offer money transfers both nationally and internationally through the MoneyGram network. 2) Our recent “Fee Keeper” campaign encouraged people to cash their checks at Start Community Bank, with their check cashiers fee then deposited into a savings account. 3) SCB is proud to offer a suite of products that are low‐cost with minimal fees. Children under age 18 can open an account with $1 and begin earning interest, while adults can open an account with as little as $5 and not have to worry about minimum balances to avoid fees. We’re also a partner with the State of CT’s “Bank on CT” program, designed to offer entry level accounts for the underserved market. Among the local organizations we work with on this initiative is Junta for Progressive Action. TD Bank’s retail network offers accessible banking to individuals of all income levels in New Haven. TD Bank’s Right Step Mortgage product offers an alternative to conventional home loans including rate discounts to low to moderate income borrowers. TD Bank’s financial literacy seminars provide individuals of all income levels the knowledge of banking products available for them. Webster Bank meets the banking needs of unbanked and under‐banked individuals in New Haven by maintaining five banking centers in and immediately adjacent to New Haven that are staffed by personnel conversant in Spanish and other languages. As of June, 2013, our mobile banking app also offers customers the capability of depositing checks using their smartphone, saving a trip to the banking center. Customers can also reach our Customer Care Center via online chat as well as phone. Low‐ cost eChecking account which requires no minimum balance for customers who conduct their banking electronically. We also offer Opportunity checking and Student Checking products. With as little as $50, a consumer can open an Opportunity Account and receive a free Visa Check card, free online banking and mobile app, monthly statement, and electronic check images for record‐keeping. Financial literacy seminars, particularly for first‐time homebuyers, help consumers to plan a purchase and successfully manage their finances. 44
Wells Fargo Low cost checking accounts: At Wells Fargo we offer our customers a variety of checking account options, all of which include many valuable services and are competitively priced. There are many easy ways for our customers to waive monthly account fees depending upon the mix of services that work best for their needs. This allows them to cash checks without fees, deposit checks at an ATM, access up to $200 of the deposit amount immediately, and use a debit card just like cash, but with added security. Each of our accounts offers at least one way to waive the monthly service fee – for example, a qualifying direct deposit each statement cycle or a minimum daily balance. Most accounts offer the option of a service fee discount by selecting online only statements. Wells Fargo also offers Opportunity Checking and Savings Package specially for those customers who have been unable to open a checking account because of their prior credit or banking history. Whether a customer has no credit history or has been turned down for credit in the past, Wells Fargo offers options for customers wanting to build or rebuild their credit. Credit: One of the best ways for the underserved to build or rebuild credit is with a secured credit card. A Wells Fargo Secured Card can be used wherever Visa® credit cards are accepted and, unlike a debit card or a prepaid card, secured card payment information is reported to major credit bureaus providing customers the opportunity to build a credit history with responsible use. A secured credit card is secured by a deposit of as little as $300. The amount deposited is held as collateral and equals the credit limit. Like all Wells Fargo credit cards, the secured card application is subject to credit qualification. Wells Fargo Secured Card accounts are reviewed periodically and, when a stable usage and payment history has been established, may become eligible for upgrade to an unsecured credit card with no annual fee and the collateral funds refunded. Remittance Services: Wells Fargo also offers low cost remittance services. With the Wells Fargo ExpressSend® service, customers can easily send money to family and friends in Mexico, and 13 countries in Central America, the Caribbean, South America and Asia, with competitive exchange rates and low transfer fees with discounted fees for those with select Wells Fargo Checking Packages. 45
Question 5: Is there any additional information that should be considered for your institution in the 2013 CIRC Report?
Bank of America Citibank Connex CU First Niagara Chase Bank Liberty Bank Our mission is to improve the lives of our members, one member at a time and exists to serve our members. As a non‐profit, Connex can benefit them through low cost services and better rates. Connex has been voted the best Credit Union in New Haven by the readers of the New Haven Advocate for the past 5 years in a row, and has been awarded Elm City’s Best Award by the New Haven Register for the past 3 years. Additionally, Connex has a scholarship program that awards money annually to members / children of members attending institutions of higher learning. People's United Through its "Masters Program", People's United collaborates with law enforcement, senior advocacy agencies and businesses to provide educational programs, seminars, events and training for senior citizens and community members to help safeguard seniors from financial exploitation and other criminal activity. The bank is the lone sponsor of the Annual Christmas Tree Lighting on New Haven Green, and is the major sponsor of the Chamber's Economic Outlook Breakfast each year, which is attended by more than 300 people. Citizens Bank At RBS Citizens Financial Group, we believe that a strong bank sits at the heart of a healthy community. The commitment to being a good citizen is not only reflected in our name, it resonates at our very core. Every day, in ways large and small, we’re doing our part to play a constructive role in our local neighborhoods. With our wide array of community development priorities and initiatives, we’re putting real work behind our words by offering solutions to critical needs. In partnership with community organizations, our customers and our own colleagues, we’re helping to advance our neighbors and neighborhoods. Sovereign Bank 46
Question 5: Is there any additional information that should be considered for your institution in the 2013 CIRC Report?
Start Bank SCB is a Community Development Financial Institution (CDFI), with a strong commitment to growing our community. In recognition of the high administrative costs required to maintain and provide deposit and loan products to those most in need, , as well as services such as financial literacy training, SCB received a Bank Enterprise Award from the US Department of the Treasury in the amount of $287,000 in November 2012. ‐ In addition, SCB received the “Nonprofit Partnership Award” from the Greater New Haven Chamber of Commerce recognizing our work with Solar Youth in which we provide financial literacy training and help their youth employees open savings accounts. ‐ SCB was also accepts the Resident ID card as a primary form of identification, and our parent organization, First City Fund Corporation (FCFC), funded the Resident ID card with $250,000. In addition, we provided $30,000 to fund the City’s efforts to study and implement a stored value capability on the Elm City ID card. SCB’s leadership team offered free consulting on this project, ultimately recommending and establishing a relationship between the City and a consulting firm in Oakland, CA to do the feasibility study. We have also contributed approximately $100,000 in support of the ROOF program of foreclosure mitigation. TD Bank We are working day after day, year after year, to make communities stronger, more vibrant and prosperous through the efforts of our employees and our ongoing financial commitment. Webster Bank Webster Bank has been recognized nationally for its leadership in working constructively with homeowners who fell behind on their mortgages during the Great Recession. In New Haven alone, Webster has modified the terms on the mortgages of 32 families, enabling them to remain in their homes. Bank‐ wide, we have modified more than $200 million in outstanding mortgages and helped more than 1,200 families remain in their homes. Wells Fargo Wells Fargo considers it a privilege to operate in the City of New Haven. Our main goal is to assist the citizens and businesses in the City to succeed financially and our efforts have earned us the trust of many New Haven residents. Every day an increasing number of new and existing customers are rewarding us with their business, in large part due to the superior value of the products and services we provide. 47

Bank - City of New Haven

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