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Wintrust Bank and Armed Forces Bank honored at 25th Annual ARC and Fair Credit Symposium
MINNEAPOLIS – (BUSINESS WIRE) –
Wolters Kluwer Compliance Solutions appointed based in Illinois Wintrust Financial Corporation (Wintrust) (Nasdaq: WTFC) and Armed Forces Bank (AFB), headquartered in Leavenworth, Kansas, as recipients of its 2021 Community Impact Award. The announcement was made at the 25th Annual Convention of the company CRA & Fair Lending Conference held from November 16 to 17. The award recognizes financial institutions for the breadth and innovative application of community development programs to benefit the low and moderate income communities in which they operate.
Recognizing that many small businesses affected by COVID were struggling to submit paycheck protection program (PPP) loan applications, Wintrust Community Bank executives authorized the creation of Wintrust PPP Resource Centers in early 2021 . Hosted at eight geographically diverse community banks, the centers provided onsite advice, computers and other essential business equipment, supported by an information resource web page to help businesses navigate the complex PPP application process.
“Our bankers started to hear that some companies were having trouble submitting because they didn’t have computers, didn’t have the right software, or had issues with the portal,” recalls. Ed Wehmer, Founder and CEO of Wintrust. “Immediately, our bankers started helping one-on-one, receiving paper applications and manually submitting them for borrowers so they could access this important CARES Act funding program. This individual effort was formalized as the Wintrust resource centers came to life. In total, more than 1,000 companies have accessed our Centers, processing more than 600 applications.
Half of all Resource Center requests came from majority minority census tracts, and 40% came from low to moderate income census tracts, for a total of $ 17 million in P3 loans. Over 30 knowledgeable Wintrust employees occupied the centers and collectively volunteered over 275 hours over four months.
AFB launched its Access Loan program in early 2021 to provide a fixed payment, fixed payment loan to cover the variable expense needs common to many military families. New Access Loan customers receive an Access Control Account, which offers early access to US military DFAS payment services, reduced fees, and access to over 30,000 ATMs. Customers can add money to their debit cards at any cash register at over 4,000 Walmart locations. The Access Loan Program is fully digital and includes a highly automated, 24/7 online application process that can often be completed in under five minutes.
“A portion of military life is transferred from one duty station to another, sometimes with very limited notice for relocations or other expense-generating events. Military moves are never free, and military families are often far removed from family, so coming home for visits or emergencies may be more expensive and at times difficult for military spouses. to have a regular job due to military relocations, ”explains Jodi vickery, Executive Vice President, Director of Military Consumer Loans, AFB. “AFB’s Access Loan Program provides the types of on-the-go (mobile / online / chat / text) interaction methods that many military customers much prefer. ”
Since its launch, 4,300 clients have benefited from the Worldwide Military Community Access Loan program, a high response rate that validates the need for a responsible credit product for military families facing challenges of ‘access to credit specific to a military lifestyle.
“The kind of positive influence that programs like these have is truly remarkable and an inspiration to the banking industry as a whole, demonstrating how banks can positively affect the communities where they operate in very significant ways,” said Steve meirink, Executive Vice President and General Manager, Wolters Kluwer Compliance Solutions. “We are honored to recognize the ingenuity of Wintrust Bank and the Armed Forces Bank in creating these successful programs, and to recognize their continued care and commitment to those they serve. ”
Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk management and regulatory compliance solutions and services to U.S. banks and credit unions, insurers and securities firms. The company, which is part of the Governance, Risk and Compliance (GRC) division of Wolters Kluwer, helps these financial institutions to effectively manage the risks and regulatory compliance obligations, and to obtain the information necessary to better serve their customers and develop their business. Compliance Solutions ” ARC Assistant and Fair loan assistant help financial institutions manage costs and risks while managing their CRA compliance obligations and fair loans.
Wolters Kluwer’s GRC division offers a range of expert solutions to help financial institutions manage regulatory obligations and risks. Wolters Kluwer Compliance Solutions eOriginal® A specially designed suite of digital lending solutions, for example, helps lenders digitize their transactions and offers electronic signatures, collateral authentication and an electronic safe. Compliance Solutions ” OneSumX® for Regulatory Change Management Track regulatory changes and organize them to create structured, value-added content through a single data flow coupled with an easy-to-use software solution. Wolters Kluwer Finance, Risk and Regulatory Reporting (FRR), meanwhile, is a global market leader in providing integrated regulatory compliance and reporting solutions. The division’s legal solutions activities are Wolters Kluwer CT Corporation and Wolters Kluwer ELM Solutions.
About Wolters Kluwer Governance, risk and compliance
Governance, Risks & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with evolving regulatory and legal obligations, manage risk, increase efficiency and drive better business results. GRC offers a portfolio of technology expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.
Wolters Kluwer (AEX: WKL) is a global leader in information services and solutions for professionals in the healthcare, tax and accounting, risk and compliance, finance and legal industries. Wolters Kluwer achieved 2020 annual sales of 4.6 billion euros. The company, headquartered in Alphen aan den Rijn, The Netherlands, serves customers in more than 180 countries, maintains operations in more than 40 countries and employs 19,200 people worldwide.
About the Armed Forces Bank
Bank of the Armed Forces is a full-service military bank engaged since 1907 in the service of those who serve. Its mission is to provide quality financial products and services tailored to active and retired Department of Defense personnel, both military and civilian, and their families in all 50 states and around the world. With more locations on base than any military bank in the country and over $ 1.2 billion in assets, Armed Forces Bank is a wholly owned subsidiary of Dickinson Financial Corporation, a banking holding company of $ 3.5 billion headquartered in Kansas City, Mo. AFB’s sister bank, Academy Bank, is a full-service community bank with more than 80 branches in Arizona, Colorado, Kansas and Missouri. To learn more, visit www.afbank.com.
About Wintrust Financial Corporation
Wintrust is a financial holding company with approximately $ 48 billion in assets whose common shares trade on the NASDAQ Global Select Market under the symbol WTFC. Built on the “HAVE IT ALL” model, Wintrust offers the sophisticated technology and resources of a large bank while focusing on providing service-based community banking to every customer. Wintrust operates 15 branches of community banks, with more than 170 banking locations in the market areas of greater Chicago and southern Wisconsin. In addition, Wintrust operates various non-bank business units that provide commercial insurance and life insurance premium financing in the United States, a premium finance company operating in Canada, a company providing short-term financing of accounts receivable and value-added outsourced administrative services to the Temporary Staffing Services industry, a business unit that is primarily engaged in the creation and purchase of residential mortgages for sale in the secondary market through the United States, and companies providing wealth management services and qualified intermediary services for tax-deferred trading.
Global Director of Corporate Communications: Global Marketing, Communications and Planning
Governance, Risks and Compliance Division
Phone. : +44 20 3197 6586
Head of Corporate Communications, Banking and Regulatory Compliance
Governance, Risks and Compliance Division
Phone. : +1 612-852-7966
Source: Wolters Kluwer