Independent Banker - July 2021 - 33

were based on determinations that the
applicants for the programs would, under
other circumstances, likely not obtain
such credit.
The advisory opinion specifies that
a creditor administering or offering
the SPCP must first determine a need
for it using permissible sources, such
as community bank data or external
research such as governmental reports
and studies. The results should then
be compared with how the potential
applicants might fare under the
institution's customary credit standards.
The community bank must develop
a written plan that shows a need for an
SPCP. That should include the class of
persons that the program is designed
to benefit, procedures and standards
for extending credit pursuant to the
program, the time period the program
will operate or when the program will
be reevaluated to determine if there is a
continuing need for it, and a description
of the bank's analysis to determine the
need for an SPCP.
Expanding access to banking
There are good reasons for creditors
to offer SPCPs. The Federal Reserve
Bank of Atlanta has reported that the
lack of access to financial services,
including banking relationships for
deposit accounts and savings vehicles
and access to credit, impedes economic
mobility. Its report also points out that
limited access to credit can cripple
the formation of small businesses and
community development.
SPCPs may enhance community
banks' efforts to lend to certain members
of their communities. If community
banks decide to develop them, banks
should enhance and administer their
compliance management systems to
review and monitor SPCPs to ensure
ongoing compliance. ƒ
Mary Thorson-Wright is a writer in
Washington, D.C.
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Independent Banker - July 2021

Table of Contents for the Digital Edition of Independent Banker - July 2021

Table of Contents
Independent Banker - July 2021 - Cover1
Independent Banker - July 2021 - Cover2
Independent Banker - July 2021 - Table of Contents
Independent Banker - July 2021 - 2
Independent Banker - July 2021 - 3
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Independent Banker - July 2021 - Cover3
Independent Banker - July 2021 - Cover4
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https://www.nxtbook.com/mspc/independentbanker/december2019
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https://www.nxtbook.com/mspc/independentbanker/december2017
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