Altabanking episode 17 with Len Williams
Len Williams – Altabanking Interview KSL Radio Transcript:
Segment title: The Community Reinvestment Act and The Importance of Giving Back
GRANT: Welcome to Altabanking. Weekly business talk geared toward elevating your financial future. Len Williams is President and CEO of Altabank and Len, as always, good talking with you. Giving back is an essential component to community banking. Explain why a strong community matters so much to Altabank. And a little bit about how Altabank provides support to the communities in which we live and work.
LEN: Great being with you again Grant. Altabank is over one hundred years old and since the beginning, one of our guiding principles has been to be contributing members of the communities where we operate. We’ve been fortunate to help support and grow local businesses and of course, look for ways to help organizations who are dedicated to helping individuals who live in our communities in ways that go beyond banking.
GRANT: So what are some of the ways you’ve gotten involved in your communities?
Len: Many of our employees serve in organizations that are engaged in things like building affordable housing, providing educational outreach and supporting the arts. We also contribute hundreds of thousands of dollars to nonprofits and community groups that focus on social services, community development and education. We make sure we do our part to support underserved communities in accordance with the Community Reinvestment Act.
GRANT: What is the Community Reinvestment Act?
LEN: The Community Reinvestment Act was created in 1977 to ensure that banks meet the needs of borrowers in underserved populations and locations. It’s been expanded over the years to include not just providing loans, but also support through direct involvement and organizations that offer support to those same populations.
GRANT: What would you say to businesses who are looking to have greater community involvement?
LEN: First, get involved. Involvement doesn’t need to be a major investment of time and money. Every bit helps. What matters most is passion and becoming involved in a cause that matters to you in an area where you can help make a difference. Be sure to ask employees what causes are meaningful to them.
GRANT: Thank you, Len. This has been Altabanking. Brought you by Altabank. Member FDIC Equal Housing Lender.