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The CDFI Fund announced $18.6 million in 2016 Bank Enterprise Award grants to mission-focused banks for their service in high poverty communities. This Fund – which yields an enormously high impact with a near-negligible proportion of the federal budget – is under threat in the immediate years to come.
A report quietly released by the Treasury Department supports the perforamnce of the Bank Enterprise Award (BEA) program, saying there is "clear evidence" it helps recipients provide financial services to the must underserved communities.
The Washington Post covers the phenomenon of the #BankBlack movement taking hold across the country. The first black-owned bank to offer internet banking, CDBA Member OneUnited, was well positioned to take advantage of this wave with its mobile and online services, adding $6.7 million in deposits in the second half of 2016, according to FDIC records. As Teri Williams, OneUnited's President and Chief Operating Officer shares, "It reflects a change in the understanding of the power of our dollars and the fact that we need to use our money more purposefully."
