Unlike some competing financial-services firms, banks must meet a variety of community and consumer obligations. In order to address this sensitive area in a way that both protects banks' interests and responds appropriately to community and consumer concerns, the Association has taken a two-pronged approach. On one hand, it has vigorously opposed legislation and regulation judged to be unnecessary, redundant or excessively expensive for an industry of great importance to the commonwealth's economic well-being. On the other hand, where legitimate community and consumer interests have been identified, the Association has willingly worked with legislators, regulators, advocacy groups, and others to produce efficient, effective results.

For example, following debate over banks' community investment role, the Association, with substantial input from community groups and government bodies, created the Massachusetts Bankers Association Community Investment Program. This effort, launched in January of 1990, included formation of a highly successful lending entity, the Massachusetts Housing Investment Corporation, and the Massachusetts Community and Banking Council dedicated to community education, outreach, and community-oriented product development.

Among MCBC's achievements have been a program of voluntary check cashing for public benefits recipients who do not have bank accounts (200 banks participating), a direct-deposit program in conjunction with the Massachusetts Department of Transitional Assistance, and "Basic Banking for Massachusetts," a program to coordinate and encourage the offering of low-cost savings and checking accounts for those of modest means (available through 90 percent of Massachusetts bank branches). This three-part effort is considered a national model.

In conjunction with MCBC, the Federal Reserve Bank of Boston and the Massachusetts Office of Business and Technology, the Association facilitated the development, rollout and implementation of the new Massachusetts Banking Partners Program. Aimed at providing financing, counseling and technical assistance to small businesses in amounts as low as $500, banks from across the state have signed on, and more are expected to join.

The Association has also expanded its involvement in several areas as part of our outreach to new community groups and emerging populations. The Association played a key role in supporting the FDIC in its Boston Alliance for Economic Inclusion (BAEI) (formerly New Alliance Task Force), a coalition of banking, community, immigrant advocacy and foreign consulate organizations all devoted to expanding the ability of the unbanked and immigrants to gain access to and participate in the banking system. The BAEI has been a driving force in focusing on legal and technical issues, products and services and financial literacy issues impacting the unbanked and immigrant community. MBA staff is also an integral part of a new Federal Reserve Bank of Boston Consumer Group which devoted much of its energies in 2007 toward the unbanked and reaching out to those affected by the mortgage foreclosure crisis.

Advancing financial literacy continues to be a key priority for the banking industry and Association. The escalating mortgage lending foreclosure crisis only amplified the weaknesses that many borrowers exhibited regarding their financial acumen. In fact, several industry/consumer workshops highlighted expanded financial literacy education as a top priority to help counteract inappropriate lending in the future. Similarly, the banking industry and the Federal Reserve Bank of Boston have launched a Mortgage Relief Initiative in an attempt to assist borrowers that received sub-prime loans from non-bank lenders.