In certain circumstances, the financial services industry, government, and community groups come together to form working groups that are designed to address specific issues.
These groups bring together a wide variety of interests and resources with the intention of representing a broad spectrum of viewpoints while tapping into a wide range of talents.
Often these groups are charged with finding ways to help consumers who are typically underserved by the financial services industry. The solutions that are considered are multi-dimensional and may include financial education, the development of special products and services, temporary financial assistance, and new innovations in the delivery of financial services.
Two initiatives that the Association currently supports are:
The Massachusetts Fair Lending Task Force was established in 2005 to promote and ensure fair and equitable mortgage lending to all individuals.
The Boston Alliance for Economic Inclusion (BAEI) is a public-private partnership whose mission is to enhance the economic well-being of the unbanked/underserved in metropolitan Boston by improving their access to the U.S. banking system, developing and marketing more responsive and affordable financial products and services, promoting financial education, and addressing technical or regulatory issues surrounding these developments.