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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
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.
4
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
Accesibilidad
2013 2012*
Sucursales 15.5% 15%
Sucursales con horario extendido? 2.5 N/A
Sucursales abiertas los sabados? 1 2
Sucursales abiertas los Domingos? 1 2
Total de horas que las sucursales abren durante la semana? 2.5 2
Número de sucursales dentro de una milla de New Haven? 1 N/A
Número de oficinas en la Ciudad de New Haven? 2 5
Sucursales en comunidades de bajos ingresos en New Haven? 5 5
Cajeros automáticos 11.5% 20%
Cantidad de cajeros automáticos dentro de la red en los EU? 0.5 N/A
Numero de cajeros automaticos en la ciudad de New Haven? 2.5 5
ATMs en comunidades de bajos ingresos en New Haven? 5.0 5
Cargos por el uso de ATMs fuera de la red? 2.5 5
Cargos por el uso de ATMs para no clientes del Banco? 1 5
Centro de llamadas 2.5% 0%
Total de horas que el Centro esta abierto durante la semana? 2.5 N/A
Idiomas compatibles 12% 10%
ATMs ofrece en español y otros idiomas? 2 5
Cajeros ofrecen servicios en español y otros idiomas? 2 N/A
Personal Bancario ofrece servicio en español y otros idiomas? 2 5
Centro de llamadas ofrece servicio en español y otros idiomas? 2 N/A
Sitio Web ofrece servicio en español y otros idiomas? 2 N/A
Banca en línea ofrece servicio en español y otros idiomas? 2 N/A
Acceso en línea 3.5% N/A
Ofrecen herramientas para manejar tus finanzas? 1 N/A
Acceso a la banca en línea a través de aplicaciones móbiles? 1 N/A
Acceso a la banca en línea a través del navegador web móbil? 1 N/A
Soporte de servicio al cliente a través de chat en línea? 0.5 N/A
Criterios para abrir una cuenta 5% N/A
Elm City ID aceptados para abrir una cuenta? 5 5
50% 49%
*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.
6
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)?
Puntaje 0 puntos para ninguna sucursal; 10 puntos para 1 sucursal; 12 puntos para más de 1 sucursal.
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%
Sucursales fuera de la ciudad de New Haven City dan oportunidades a los consumidores que residen en el
Descripción:
perímetro de acceso de servicios bancarios en New Haven.
¿El banco tiene una sucursal en un vecindario de *ingreso bajo o moderado en New Haven? Sucursales que
Descripción: 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.
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
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
* 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.
E = sólo Inglés
Descripción: S = Inglés y Español
S+ = Inglés, español, y al menos otro idioma
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 ...)
¿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
¿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:
Pesos
Productos y Servicios
2013 2012
Cheques 19% 23%
¿Cuál es la cuota mensual para mantener una cuenta? 2.5 5
¿Cuál es el saldo mínimo para abrir una cuenta? 2.5 5
¿Cuál es el saldo mínimo requerido para evitar la cuota mensual? 2.5 5
¿Hay otras maneras de evitar el cargo mensual? 1.25 N/A
¿Cuál es el cargo por sobregiro por transacción? 1 5
¿Cuál es la máxima cantidad de cargos por sobregiro por día? 1 N/A
¿Está disponible la protección contra sobregiros? 1 N/A
¿Cuál es la tarifa por el uso de la protección contra sobregiros? 1 N/A
¿Cuál es la tarifa por transferencias entrantes? 1.5 N/A
¿Cuál es la tarifa por transferencias nacionales salientes? 1.5 N/A
¿Cuál es la tasa de transferencia internacional de dinero al exterior? 1.5 N/A
¿Es una cuenta o rebajas "E‐cheques"? 0.5 N/A
¿La factura en línea es ofrecida gratis ? 1.25 3
Ahorros 15% 15%
¿Cuál es la cuota mensual para mantener una cuenta? 2.5 5
¿Cuál es el saldo mínimo para abrir una cuenta? 2.5 5
¿Cuál es el saldo mínimo requerido para evitar la cuota mensual? 2.5 5
¿Hay otras maneras de evitar el cargo mensual? 2.5 N/A
¿Cuál es el número máximo de transacciones electrónicas permitido? 2.5 N/A
¿Cuál es la cuota por exceder las transacciones máximas permitidas? 2.5 N/A
Otros Productos y Servicios 16% 13%
¿Se ofrece cambio de cheques para los no clientes? 2.5 5
¿Se ofrecen préstamos personales? 1 3
¿Se ofrecen tarjetas de crédito garantizadas? 5 N/A
¿Se ofrecen productos para los jóvenes? 1.25 N/A
¿Se ofrecen productos para los estudiantes? 1.25 5
¿Ofrecen oportunidad para segundas cuentas? 5 N/A
Total 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.
16
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).
17
Productos & Servicios: Cheques
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 )
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
Descripción:
contra sobregiros?
* 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 .
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).
20
Productos y servicios: Cuenta de Ahorros
N/A = No aplicable (Oferta de cuenta de ahorros gratis)
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.
22
Products & Services: Otros
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
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 Significance Key
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 not significant
fairly minor (7%) as a part of lending activity in the County. Low
Medium
Summary of Lending Data Difference in Approval Rates for All Applicants High
For example: Bank of America's approval rate in the City was 13% more than
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Bank of America 1,859 1,114 60% 211 116 55% ‐ 11% +4% ‐5% +2% +13% +17% +7% ‐13% ‐16% +3% ‐5% ‐2% +26% +4% +0% +3%
Citibank 627 342 55% 36 15 42% 6% ‐1% ‐13% ‐11% ‐13% +3% ‐6% ‐26% ‐30% ‐10% ‐18% ‐15% +13% ‐9% ‐13% ‐10%
Connex CU 422 272 64% 39 15 38% 9% +2% ‐26% ‐14% ‐17% ‐3% ‐9% ‐29% ‐33% ‐13% ‐21% ‐19% +10% ‐13% ‐16% ‐14%
First Niagara 548 335 61% 86 41 48% 16% +9% ‐13% ‐5% ‐7% +6% +9% ‐20% ‐24% ‐4% ‐12% ‐9% +19% ‐3% ‐7% ‐4%
Chase 1,721 1,219 71% 112 76 68% 7% ‐1% ‐3% +15% +13% +26% +29% +20% ‐4% +16% +8% +11% +39% +17% +13% +16%
Liberty Bank 242 168 69% 7 5 71% 3% ‐4% +2% +19% +16% +30% +33% +24% +4% +20% +12% +14% +43% +20% +17% +19%
People's United 1,283 842 66% 143 74 52% 11% +4% ‐14% ‐1% ‐3% +10% +13% +4% ‐16% ‐20% ‐8% ‐5% +23% +1% ‐3% ‐0%
RBS Citizens 629 422 67% 99 59 60% 16% +9% ‐7% +7% +5% +18% +21% +12% ‐8% ‐12% +8% +2% +31% +8% +5% +8%
Soveriegn 220 184 84% 7 4 57% 3% ‐4% ‐26% +4% +2% +15% +19% +9% ‐11% ‐14% +5% ‐2% +29% +6% +3% +5%
TD Bank 778 328 42% 56 16 29% 7% +0% ‐14% ‐24% ‐26% ‐13% ‐10% ‐19% ‐39% ‐43% ‐23% ‐31% ‐29% ‐23% ‐26% ‐23%
Webster Bank 1,514 1,010 67% 86 44 51% 6% ‐1% ‐16% ‐1% ‐4% +9% +13% +3% ‐17% ‐20% ‐1% ‐8% ‐6% +23% ‐3% ‐1%
Wells Fargo 3,813 2,456 64% 255 139 55% 7% ‐0% ‐10% +2% ‐0% +13% +16% +7% ‐13% ‐17% +3% ‐5% ‐3% +26% +3% +2%
Other Banks 15,743 10,011 64% 943 491 52% 6% ‐1% ‐12% ‐1% ‐3% +10% +14% +4% ‐16% ‐19% +0% ‐8% ‐5% +23% +1% ‐2%
All Banks 29,399 18,703 64% 2,080 1,095 53% 7% 0% ‐11%
Footnotes
1 American Communty Survey (2009 ‐ 2011)
2 Returns the percent of all applications submitted in New Haven County that were from the City of New Haven.
3 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.
4 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
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)
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
Significance Key
Key Findings: Despite representing 36.1% of New Haven's population1, Black applicants comprised only 23% of all loan applications
not significant
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.
Low
Medium
Summary of Lending Data Difference in Approval Rates for Hispanic Applicants High
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
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Bank of America 211 80 47 59% 17 10 59% 13%
‐11% +0% +14% +30% +14% +20% ‐1% +9% +10% +45% ‐41% +42% +23% +11% +13%
Citibank 36 18 9 50% 7 2 29% 24%
+1% ‐21% ‐16% ‐30% ‐16% ‐10% ‐31% ‐21% ‐20% +14% ‐71% +12% ‐7% ‐20% ‐17%
Connex CU 39 15 8 53% 9 4 44% 32%
+9% ‐9% ‐1% ‐14% +16% +6% ‐16% ‐6% ‐5% +30% ‐56% +28% +9% ‐4% ‐1%
First Niagara 86 33 20 61% 39 15 38% 48%
+24% ‐22% ‐6% ‐20% +10% ‐6% ‐22% ‐12% ‐11% +24% ‐62% +22% +3% ‐10% ‐7%
Chase 112 70 54 77% 20 12 60% 20%
‐4% ‐17% +15% +1% +31% +16% +22% +10% +11% +46% ‐40% +43% +24% +12% +14%
Liberty Bank 7 3 3 100% 2 1 50% 29%
+5% ‐50% +5% ‐9% +21% +6% +12% ‐10% +1% +36% ‐50% +33% +14% +2% +4%
People's United 143 66 35 53% 49 24 49% 35%
+12% ‐4% +4% ‐10% +20% +5% +11% ‐11% ‐1% +35% ‐51% +32% +13% +1% +3%
RBS Citizens 99 53 41 77% 14 2 14% 16%
‐7% ‐63% ‐31% ‐45% ‐14% ‐30% ‐24% ‐46% ‐36% ‐35% ‐86% ‐2% ‐21% ‐34% ‐31%
Soveriegn 7 4 3 75% 1 1 100% 20%
‐3% +25% +55% +41% +71% +56% +62% +40% +50% +51% +86% +83% +64% +52% +54%
TD Bank 56 28 8 29% 6 1 17% 13%
‐10% ‐12% ‐28% ‐42% ‐12% ‐28% ‐22% ‐43% ‐33% ‐32% +2% ‐83% ‐19% ‐32% ‐29%
Webster Bank 86 37 26 70% 14 5 36% 21%
‐3% ‐35% ‐9% ‐23% +7% ‐9% ‐3% ‐24% ‐14% ‐13% +21% ‐64% +19% ‐13% ‐10%
Wells Fargo 255 112 70 63% 56 27 48% 26%
+3% ‐14% +3% ‐11% +20% +4% +10% ‐12% ‐2% ‐1% +34% ‐52% +32% +13% +3%
Other Banks 943 448 260 58% 162 74 46% 21%
‐2% ‐12% +1% ‐13% +17% +1% +7% ‐14% ‐4% ‐3% +31% ‐54% +29% +10% ‐3%
All Banks 2080 967 584 60% 396 178 45% 23% 0% ‐15%
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
Notes on Statistcal Testing
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
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) 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.
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
Low
Medium
Summary of Lending Data Difference in Approval Rates for Hispanic Applicants High
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
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Bank of America 211 80 47 59% 23 3 13% 17%
+2% ‐46% ‐30% ‐20% ‐37% ‐20% ‐30% +13% ‐47% ‐9% +13% +13% ‐23% ‐26% ‐41%
Citibank 36 18 9 50% 3 1 33% 10%
‐5% ‐17% ‐10% +20% ‐17% +0% ‐10% +33% ‐27% +11% +33% +33% ‐2% ‐6% ‐21%
Connex CU 39 15 8 53% 4 2 50% 14%
‐1% ‐3% +7% +37% +17% +17% +7% +50% ‐10% +28% +50% +50% +14% +11% ‐4%
First Niagara 86 33 20 61% 9 3 33% 11%
‐4% ‐27% ‐10% +20% +0% ‐17% ‐10% +33% ‐27% +11% +33% +33% ‐2% ‐6% ‐21%
Chase 112 70 54 77% 7 3 43% 7%
‐8% ‐34% ‐0% +30% +10% ‐7% +10% +43% ‐17% +21% +43% +43% +7% +4% ‐11%
Liberty Bank 7 3 3 100% 1 0 0% 14%
‐1% ‐100% ‐43% ‐13% ‐33% ‐50% ‐33% ‐43% ‐60% ‐22% +0% +0% ‐36% ‐39% ‐54%
People's United 143 66 35 53% 20 12 60% 14%
‐1% +7% +17% +47% +27% +10% +27% +17% +60% +38% +60% +60% +24% +21% +6%
RBS Citizens 99 53 41 77% 9 2 22% 10%
‐5% ‐55% ‐21% +9% ‐11% ‐28% ‐11% ‐21% +22% ‐38% +22% +22% ‐13% ‐17% ‐32%
Soveriegn 7 4 3 75% 0 0 0% 0%
‐15% ‐75% ‐43% ‐13% ‐33% ‐50% ‐33% ‐43% +0% ‐60% ‐22% +0% ‐36% ‐39% ‐54%
TD Bank 56 28 8 29% 10 0 0% 21%
+6% ‐29% ‐43% ‐13% ‐33% ‐50% ‐33% ‐43% +0% ‐60% ‐22% +0% ‐36% ‐39% ‐54%
Webster Bank 86 37 26 70% 14 5 36% 21%
+5% ‐35% ‐7% +23% +2% ‐14% +2% ‐7% +36% ‐24% +13% +36% +36% ‐3% ‐18%
Wells Fargo 255 112 70 63% 36 14 39% 17%
+2% ‐24% ‐4% +26% +6% ‐11% +6% ‐4% +39% ‐21% +17% +39% +39% +3% ‐15%
Other Banks 943 448 260 58% 122 66 54% 16%
+1% ‐4% +11% +41% +21% +4% +21% +11% +54% ‐6% +32% +54% +54% +18% +15%
All Banks 2080 967 584 60% 258 111 43% 15% 0% ‐17%
Footnotes
1 American Communty Survey (2009 ‐ 2011)
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
Notes on Statistcal Testing
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
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) Hispanic definition for the purposes of HMDA Analysis: All primary applicants that were marked 'Hispanic/Latino' for ethnicity, excluding those marked 'Black' as race
c) Liberty Bank merged with Bank of Southern Connecticut in January 2013. This analysis combines 2011 HMDA Data for both institutions.
29
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.
HMDA Analysis: Low/Moderate Income Applicants
Significance Key
Key Findings: Despite representing more than 39% of New Haven's population1, Low/Moderate Income Applicants comprised only 11% of all
not significant
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. Low
Medium
Summary of Lending Data Difference in Approval Rates for Low/Moderate Income Applicants High
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
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Bank of America 211 185 108 58% 16 4 25% 8% ‐3% ‐33% ‐7% ‐25% +25% +5% ‐19% +25% ‐39% ‐4% ‐75% ‐8% ‐2% +1% ‐6%
Citibank 36 32 13 41% 4 2 50% 11% +0% +9% +18% +25% +50% +30% +6% +50% ‐14% +21% ‐50% +17% +23% +26% +19%
Connex CU 39 35 15 43% 4 0 0% 10% ‐1% ‐43% ‐32% ‐25% ‐50% ‐20% ‐44% +0% ‐64% ‐29% ‐100% ‐33% ‐27% ‐24% ‐31%
First Niagara 86 76 38 50% 5 1 20% 6% ‐5% ‐30% ‐12% ‐5% ‐30% +20% ‐24% +20% ‐44% ‐9% ‐80% ‐13% ‐7% ‐4% ‐11%
Chase 112 69 43 62% 9 4 44% 12% +1% ‐18% +13% +19% ‐6% +44% +24% +44% ‐20% +16% ‐56% +11% +18% +20% +14%
Liberty Bank 7 7 5 71% 0 0 0% 0% ‐11% ‐71% ‐32% ‐25% ‐50% +0% ‐20% ‐44% ‐64% ‐29% ‐100% ‐33% ‐27% ‐24% ‐31%
People's United 143 126 64 51% 14 9 64% 10% ‐1% +13% +32% +39% +14% +64% +44% +20% +64% +36% ‐36% +31% +38% +40% +33%
RBS Citizens 99 90 56 62% 7 2 29% 7% ‐4% ‐34% ‐3% +4% ‐21% +29% +9% ‐16% +29% ‐36% ‐71% ‐5% +2% +4% ‐2%
Soveriegn 7 5 3 60% 1 1 100% 17% +6% +40% +68% +75% +50% +100% +80% +56% +100% +36% +71% +67% +73% +76% +69%
TD Bank 56 39 13 33% 6 2 33% 13% +2% +0% +1% +8% ‐17% +33% +13% ‐11% +33% ‐31% +5% ‐67% +7% +9% +2%
Webster Bank 86 61 35 57% 15 4 27% 20% +9% ‐31% ‐5% +2% ‐23% +27% +7% ‐18% +27% ‐38% ‐2% ‐73% ‐7% +3% ‐4%
Wells Fargo 255 205 117 57% 29 7 24% 12% +2% ‐33% ‐8% ‐1% ‐26% +24% +4% ‐20% +24% ‐40% ‐4% ‐76% ‐9% ‐3% ‐7%
Other Banks 943 771 417 54% 97 30 31% 11% +0% ‐23% ‐1% +6% ‐19% +31% +11% ‐14% +31% ‐33% +2% ‐69% ‐2% +4% +7%
All Banks 2080 1701 927 54% 207 66 32% 11% 0% ‐23%
Footnotes
1 American Communty Survey (2006 ‐ 2011)
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)
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 (11%).
4 Examines whether there were any differences in approval rates between White and Black applicants for each bank
Notes on Statistcal Testing
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) 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
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) Low/Moderate Income applicant definition for the purposes of HMDA analysis: Applicants that were marked having an income less than $37,390 per year
c) Liberty Bank merged with Bank of Southern Connecticut in January 2013. This analysis combines 2011 HMDA Data for both institutions.
30
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.
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
Summary of Lending Data Difference in Approval Rates for Middle Income Applicants High
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
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Bank of America 211 165 101 61% 20 7 35% 10%
‐10% ‐26% ‐9% +35% ‐7% ‐3% ‐19% ‐65% ‐15% ‐3% +35% +24% ‐1% ‐3% ‐15%
Citibank 36 27 13 48% 5 0 0% 14%
‐6% ‐48% ‐44% ‐35% ‐42% ‐38% ‐54% ‐100% ‐50% ‐38% +0% ‐11% ‐36% ‐38% ‐50%
Connex CU 39 23 10 43% 12 5 42% 31%
+11% ‐2% ‐3% +7% +42% +3% ‐12% ‐58% ‐8% +4% +42% +31% +5% +3% ‐9%
First Niagara 86 50 28 56% 26 10 38% 32%
+12% ‐18% ‐6% +3% +38% ‐3% ‐15% ‐62% ‐12% +1% +38% +27% +2% +0% ‐12%
Chase 112 56 36 64% 13 7 54% 17%
‐4% ‐10% +10% +19% +54% +12% +15% ‐46% +4% +16% +54% +43% +17% +16% +4%
Liberty Bank 7 6 4 67% 1 1 100% 14%
‐6% +33% +56% +65% #### +58% +62% +46% +50% +63% +100% +89% +64% +62% +50%
People's United 143 96 49 51% 30 15 50% 21%
+1% ‐1% +6% +15% +50% +8% +12% ‐4% ‐50% +13% +50% +39% +14% +12% ‐0%
RBS Citizens 99 66 47 71% 24 9 38% 25%
+5% ‐34% ‐7% +3% +38% ‐4% ‐1% ‐16% ‐63% ‐13% +38% +26% +1% ‐1% ‐13%
Soveriegn 7 4 3 75% 1 0 0% 17%
‐4% ‐75% ‐44% ‐35% +0% ‐42% ‐38% ‐54% ‐100% ‐50% ‐38% ‐11% ‐36% ‐38% ‐50%
TD Bank 56 30 12 40% 9 1 11% 20%
‐0% ‐29% ‐33% ‐24% +11% ‐31% ‐27% ‐43% ‐89% ‐39% ‐26% +11% ‐25% ‐27% ‐39%
Webster Bank 86 50 31 62% 11 4 36% 14%
‐6% ‐26% ‐8% +1% +36% ‐5% ‐2% ‐17% ‐64% ‐14% ‐1% +36% +25% ‐2% ‐14%
Wells Fargo 255 158 99 63% 47 18 38% 20%
‐0% ‐24% ‐6% +3% +38% ‐3% ‐0% ‐16% ‐62% ‐12% +1% +38% +27% +2% ‐12%
Other Banks 943 584 323 55% 187 94 50% 22%
+1% ‐5% +6% +15% +50% +9% +12% ‐4% ‐50% +0% +13% +50% +39% +14% +12%
All Banks 2080 1315 756 57% 386 171 44% 20% 0% ‐13%
Footnotes
1 American Communty Survey (2006 ‐ 2011)
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)
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 (20%).
4 Examines whether there were any differences in approval rates between White and Black applicants for each bank
Notes on Statistcal Testing
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) 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
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) 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
c) Liberty Bank merged with Bank of Southern Connecticut in January 2013. This analysis combines 2011 HMDA Data for both institutions.
31
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.
THIS PAGE INTENTIONALLY LEFT BLANK
32
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?
‐ 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
Bank of New Horizons, Greater New Haven Community Loan Fund, Habitat for Humanity of New Haven,
Economic Development Corp. of New Haven
America ‐ 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
In 2013, Connex Credit Union made a direct donation of $1,000 and over 48 staff volunteer hours to
Connex CU 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.
First
Niagara
Chase
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
Liberty 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
Bank 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
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?
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
People's 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
United 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.
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
Citizens branches across the state.
Bank ‐ 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
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?
Sovereign
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
Start Bank 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
TD Bank 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
Webster 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,
Bank 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
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?
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
Wells support NHS’s community stabilization efforts, Wells Fargo awarded a $70,000 grant to NHS as part of
Fargo 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 associates conducted financial literacy classes on basic banking, credit and
Bank of 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
America participates in volunteer activities including food collection, beach cleanup and home‐building for low
income families.
Citibank
Connex Credit Union routinely offers free workshops that are open to the public including all New
Connex CU 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.
First
Niagara
Chase
Bank
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
Liberty assisting asset building capability among low income residents and LISC's Local Advisory Council
Bank (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 has conducted (6) six financial literacy classes year‐to‐date, and 15 in the Greater‐New
People's Haven market. Later this month, the bank will also be conducting a financial education workshop in
United partnership with Concepts for Adaptive Learning for participants of the Technology Cascade and
Training Program.
RBS Citizens and the Citizens Bank Foundation have partnered with the CT Money School and La
Citizens Escuela de Dinero for the past several years to promote the importance of financial literacy. Colleagues
Bank 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
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
Start Bank 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?
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
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.
In a little more than a year, Webster Bank has hosted 16 financial literacy workshops, both
Webster
independently and in partnership with the Connecticut Housing Finance Authority, in New Haven.
Bank These were attended by 182 individuals.
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.
Wells 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
Fargo 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.
Grant (key recipients Listed above) and sponsorship support, associate engagement in volunteer
Bank of activities (including food collection, beach cleanup and home building) and donation of bank owned
America 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
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.
Connex CU 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 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
Liberty housing.
Bank • 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.
People's Branch presence, Not‐for‐profit engagement, and statewide CDFI support.
United
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Question 3: List the top three ways in which your institution makes a positive impact
on the City of New Haven.
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
Citizens make community development loans to support community services, affordable housing, construction
Bank 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.
Sovereign
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.
Start Bank 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.
Serve on boards, work with neighborhood groups and donate hundreds of hours of volunteer time to
TD Bank numerous civic and non‐profit organizations on New Haven.
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Question 3: List the top three ways in which your institution makes a positive impact
on the City of New Haven.
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
Webster Humanity, lace up their sneakers on weekends to walk for the Connecticut Food Bank, and take time
Bank 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.
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,
Wells 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
Fargo 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.
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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.
Provision of no fee account options (with balances or direct deposit) , state of the art financial literacy
Bank of for inexperienced adults and youth delivered through in person workshop presentations and state of
America 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
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.
Connex CU 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
Wide selection of checking and savings products that have no monthly maintenance fees and no
Liberty minimum balance requirements. Individuals may open accounts 24/7 via website and may access
Bank 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
People's throughout the Greater‐New Haven market, including two locations specifically in the city. These full‐
United 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‐
Citizens 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
Bank 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.
Sovereign
Bank
43
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.
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.
Start Bank 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
TD Bank 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
Webster 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
Bank 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.
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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.
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
Wells 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.
Fargo 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
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
Connex CU
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.
First
Niagara
Chase
Bank
Liberty
Bank
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
People's citizens and community members to help safeguard seniors from financial exploitation and other
criminal activity.
United 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.
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.
Citizens 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
Bank 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?
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
Start Bank 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.
We are working day after day, year after year, to make communities stronger, more vibrant and
TD Bank prosperous through the efforts of our employees and our ongoing financial commitment.
Webster Bank has been recognized nationally for its leadership in working constructively with
Webster 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
Bank 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 considers it a privilege to operate in the City of New Haven. Our main goal is to assist the
Wells 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
Fargo rewarding us with their business, in large part due to the superior value of the products and services
we provide.
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