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The Community Reinvestment Act (CRA) & Fair Lending Colloquium recently presented Lake Forest Bank & Trust with the 2013 Community Impact Award for their Everyday Small Dollar Loan product. Each year, the Community Impact Award recognizes dedicated and innovative compliance professionals and their CRA or community development programs for demonstrating commitment to reaching new markets and improving communities.
Lake Forest Bank & Trust developed the Everyday Small Dollar Loan to help customers cover unexpected short-term financial emergencies such as car repairs, high utility and medical bills, or rising tuition costs. It provides a fixed rate loan with quick approval. Furthermore, the rates are lower than most credit cards or other fast cash loans.
The bank’s initial expectations were surpassed with the Everyday Small Dollar Loan, as it is consistently in high demand by the primarily lower income households for which it was originally developed. It continues to make an impact and remains an integral part of the bank’s CRA program.
“The Everyday Small Dollar Loan is a safe alternative to the risky, high-interest payday loans offered by non-financial institutions,” said one of the award judges. “It enabled Lake Forest Bank & Trust to improve their CRA rating from Satisfactory to Outstanding, which is quite impressive!”
Faye Fousekis, a Wintrust Financial Compliance and CRA Senior Executive, will formally accept the award on behalf of Lake Forest Bank & Trust in November during the annual recognition ceremony held in Orlando, FL.