NEW YORK, Nov. 29, 2021 /PRNewswire/ -- Carver Federal Savings Bank ("Carver"), a certified Minority Depository Institution ("MDI"), announced today that it signed an agreement with Moody's Analytics to begin incorporating the power of its CreditLens solutions to improve customer experience and provide enhancements like the ability to apply for credit through a one-click process typically only found at larger institutions. Carver expects to fully roll out the CreditLens platform to its business clientele in early 2022, including a full suite of enhanced small business loan products.
Carver will continue to provide its customers with the same level of personalized banking services that have distinguished the MDI since its founding in Brooklyn and Harlem in 1948. The new platform will also improve the loan application and credit-risk assessment process for retail customers in the future.
"Moody's Analytics proprietary fintech solution has the potential to open up new avenues of commercial business for Carver over the coming years to better support the small business in the communities we serve," said Richard Muskus, Chief Revenue Officer of Carver.
"During the COVID-19 pandemic, the nation's racial inequalities were exacerbated with the health and finances of families of color disproportionally hurt," said Tameka Alsop, Managing Director and Chief of Staff to the CEO at Moody's. "In an effort to help address inequalities, we are working to effect positive change in diverse communities by engaging with Minority Depository Institutions like Carver. Through providing our expertise and CreditLens solution to Carver, we hope to support their work in diverse low- to moderate-income communities and ultimately help bring greater financial opportunities to Harlem and the communities that Carver serves."
"With the addition of Moody's Analytics CreditLens platform, Carver is taking a major step forward with its investment and commitment to technology to streamline the loan application process for our customers," said Michael T. Pugh, President and CEO of Carver. "The Moody's Analytics team has gone above and beyond to assist the Carver team in integrating this cutting-edge technology so that we can make faster and better-informed lending decisions on behalf of our customers. I am confident that with this fintech solution, Carver will be in a better position to increase its loan production to its client base of Minority and Women Business Entrepreneurs ("MWBEs") as we move into our next fiscal year."
About Carver Bancorp, Inc.
Carver Bancorp, Inc. (NASDAQ: CARV) is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank. Headquartered in Harlem, NY, Carver was founded in 1948 to serve African-American communities whose residents, businesses, and institutions had limited access to mainstream financial services. The U.S. Treasury Department has designated Carver as a Community Development Financial Institution ("CDFI") because of its community-focused banking services and dedication to its local community's economic viability and revitalization. Carver is one of the largest African- and Caribbean-American managed banks in the United States. The Bank recently expanded its online presence to include consumer checking and savings accounts across nine states, from Massachusetts to Virginia, and Washington, D.C. For further information, please visit the Company's website at www.carverbank.com. Be sure to connect with Carver on Facebook, LinkedIn, and Twitter.
Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors, risks, and uncertainties. More information about these factors, risks, and uncertainties is contained in our filings with the Securities and Exchange Commission.
Michael Herley for Carver
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SOURCE Carver Federal Savings Bank