essex county commissioners hold bank review program committee meeting

2021 Essex County Commissioner Bank Review Program Committee Virtual Meeting

(Newark, NJ) – On December 1, 2021, the Essex County Board of County Commissioners virtually held the 2021 Bank Review Program Committee Meeting. During this yearly meeting, representatives from the banks that Essex County uses as official depositories of public funds appear before the Board to provide specific details on the programs they employ to help residents and communities throughout the county. The meeting was chaired by District 3 Commissioner Tyshammie L. Cooper and was attended by County Administrator Robert Jackson and representatives from the Essex County Administration.

Prior to the meeting, in compliance with a 2015 Ordinance establishing Essex County’s Banking Community Reinvestment Act Review Program, all financial institutions that receive county funds are required to submit their annual Community Reinvestment Act (CRA) Data Submissions and CRA rating to the Board for review. The CRA report is used to assess a bank’s record of providing service and lending activities to the community.

The intent of the Bank Review Program Committee is to encourage meaningful community reinvestment by the County’s financial institutions. Representatives from Provident Bank, TD Bank, Valley Bank, Industrial Bank, PNC Bank, Investors Bank, Santander Bank, New York Community Bank, Wells Fargo, and Connect One Bank attended the Zoom meeting. The representatives from each bank gave a presentation on the programs they offer designed to benefit the residents of Essex County, and answered direct questions from the Board regarding their specific efforts to help the County’s small business and low-to-moderate income communities with respect to loan repayment assistance, foreclosure and eviction prevention, and COVID-19 pandemic financial relief.

“I was pleased with the banks and the information they presented.” Committee Chair Commissioner Cooper stated. “The banks presented an overview of their actual lending and community development activities such as offering favorable loans to assist minority-owned small businesses in low-to-moderate income neighborhoods, providing grants for affordable housing, and foreclosure prevention programs to help residents in danger of losing their homes, we needed to ensure that the banks that hold deposits on behalf of the County are properly servicing our communities.” Commissioner Cooper continued, “Each institution provided services that were unique to their organization. Some committed to lending policies to ensure that sizable loans go to underserved communities, whereas others have programs to provide down payment assistance for residents looking to purchase a home. In each instance, their answers showed they are making an effort to assist the residents of Essex County.  I was especially proud that the number of foreclosures was greatly reduced compared to prior years.”

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