The PrivateBank Recognized at 19th Annual CRA & Fair Lending Colloquium
Wolters Kluwer Financial Services today named The PrivateBank of Chicago, Ill., as the winner of its 2015 Community Impact Award. The award honors bank compliance professionals for their innovative application of community development programs and the Community Reinvestment Act in communities where they operate.
The announcement was made at the company’s 19th annual CRA & Fair Lending Colloquium, held in Orlando, Fla. The Colloquium brings together federal regulators, attorneys, bank compliance officers and other industry experts for insights on navigating the increasingly complex regulatory and risk management landscape facing financial institutions today.
The PrivateBank won for its work with Bethel New Life to introduce an Entrepreneur Loan Program, a service that provides aspiring entrepreneurs with training and mentoring. Those who participate attend a 14-week training program to develop a business plan, work with experienced business mentors for one year, and join a community of innovators on Chicago’s West Side. Program graduates are then eligible for financing from The PrivateBank’s Entrepreneur Loan Program for start-up and emerging businesses. The program has since expanded to include additional training and counseling services from other community organizations.
“By investing the time, resources and energy into creating sustainable and impactful partnerships with non-profit organizations, we have helped more than 40 entrepreneurs realize their dreams of becoming business owners,” said Larry D. Richman, president and chief executive officer, The PrivateBank. “We are pleased to be able to make a real difference in peoples’ lives through this program.”
Presenting the award, Operation HOPE’s Mary Ehrsam noted that “Programs like this are essential to capacity building efforts for low- to moderate-income communities. We applaud The PrivateBank for its ongoing commitment to helping boost entrepreneurialism in neighborhoods it serves.”
“Banks have immense power to positively impact the communities where they operate,” said Heather Czermak, general manager for Wolters Kluwer Financial Services’ Consumer Compliance business, which includes the provider’s CRA solutions. “It is an honor to recognize the work of The PrivateBank to provide critically needed start-up capital for those who successfully complete their training and counseling program. This program not only positively impacts their entrepreneurial clients, but brings real value to the communities in which they serve.”
Sponsors of the 2015 Colloquium include the American Bankers Association, the Independent Community Bankers of America, and Community Capital Management.
About Wolters Kluwer Financial Services
Wolters Kluwer Financial Services provides customers worldwide with risk management, compliance, finance and audit solutions that help them successfully navigate regulatory complexity, optimize risk and financial performance, and manage data to support critical decisions. With more than 30 offices in 20 countries, our prominent brands include: AppOne®, AuthenticWeb™, Bankers Systems®, Capital Changes, CASH Suite™, GainsKeeper®, NILS®, OneSumX®, TeamMate®, Uniform Forms™, VMP® Mortgage Solutions and Wiz®. Wolters Kluwer Financial Services is part of Wolters Kluwer, which had 2014 annual revenues of €3.7 billion ($4.9 billion), employs 19,000 employees worldwide, and maintains operations in over 170 countries across Europe, North America, Asia Pacific, and Latin America. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.