A new online payment platform from City National Bank of New Jersey aims to disrupt the foreign currency payment space. Using the platform, businesses will be able to easily pay foreign counterparties in virtually any currency with transparent and low-cost fees. The platform will also be made available as a white-label solution for other community banks. The service is being developed under a partnership with international financial services company Clearshift Group and specialized small business investment company East Coast Capital Holdings. "This venture is an example of how the combination of Fintech companies and banks could ease payment processes, reduce fraud, save users money, promote financial planning, and ultimately move the giant financial industry forward," said Preston D. Pinkett III, Chairman and CEO of City National Bank.
The New York State CDFI Coalition, a group that includes New York City-based Spring Bank, is renewing its push for a state-level version of the CDFI Fund. Their advocacy started in the mid-2000’s and succeeded in establishing the New York State CDFI Fund. But the agency has never received any actual funding, the victim of a perfect storm that included Governor Eliot Spitzer’s resignation and the 2009 financial crisis. A state fund would not only expand award coverage for the state’s CDFIs -- it would also provide match funding for federal CDFI Fund award applications. The Coalition is now advocating for an appropriation of $15 million. “It’s been a long process. I think we’re getting close to the point where there’s support within the legislature and the governor’s office,” says Melanie Stern, director of consumer lending at Spring Bank.
The Federal Reserve Bank of San Francisco has terminated its order to cease and desist on L.A.-based Broadway Financial Corporation, parent company of Broadway Federal Bank, F.S.B. Broadway has operated under the order since 2010. The OCC had lifted its own consent order from the bank in November 2015. CEO Wayne Bradshaw commented, “This decision by the FRB, along with the OCC’s decision in November, officially [recognizes] that Broadway has re-established its position as a safe and sound financial institution. In addition, these decisions tacitly acknowledge the success that our team has achieved in generating profits, eliminating problem assets, re-building a quality loan portfolio and strengthening our capital structure.”