Press Release No. 046
Date: October 15, 2003
Contact: Angela Johnson / Phone 773-6449
V.I. BANKING BOARD STUDIES COMMUNITY REINVESTMENT INITIATIVES CITED
BY SBA AND BANK REPRESENTATIVES
The Virgin Islands Banking Board met last week with representatives
of several local banks and the Small Business Administration (SBA) to
discuss strategies for economic development in the territory, especially
on the island of St. Croix.
Lieutenant Governor Vargrave Richards, chairman of the Banking Board,
said the invitees discussed with Board members pragmatic ways banks
and the SBA could engage in partnerships in order to spur the territory's
economy.
Bank managers pointed to trends in lending and repayment practices
as indicators that are impacting overall economic growth in the Virgin
Islands. Board members requested that the banks work to make mortgages
and other lines of credit more accessible to low- and middle-income
residents.
Richards noted that the SBA official cited several programs in which
the local banks could participate, thus helping small businesses thrive
and fueling growth in the private sector.
The V.I. Banking Board also engaged in preliminary discussion of the
pending Financial Services Act, which would amend local laws on banking
and bring Virgin Islands financial institutions into the 21st century.
The proposed legislation would enable banks to offer products and programs
in concert with the most recent developments in federal banking laws.
