The Community Reinvestment Act, passed in 1977, has encouraged investment in previously neglected neighborhoods, specifically helping minority communities. Now, the Trump administration is proposing changes to that law in the hopes of simplifying it. While many in the industry do welcome change, the NCRC's Jesse Van Tol explains how all this may be for the worse.
The Urban Institute invites you to watch a special live webcast led by Washington Post syndicated columnist Michelle Singletary. During the session, researchers, practitioners, and policymakers will delve into the myths and facts about credit, why those views are so persistent, and why credit building should be expanded for low-income Americans. The session will also debut a new video and fact sheet dispelling the myths of credit. The webcast will be live on September 18th from 2:30 PM-4:00 PM EST.
Pan American Bank & Trust has been selected by the nationally renowned industry publication, American Banker, as one of the Best Banks To Work For in 2018 nationwide. "Being selected is a tribute to the strength of our culture, including our commitment to each other, our clients and our communities," stated Frank C. Cerrone, President & CEO of Pan American Bank & Trust. CDBA members FNBC Bank, BankPlus, and Community Bank also make the list.
Urban Partnership Bank recently announced that they have reached an agreement to merge with Providence Bank & Trust, a $628 MM assets bank with 12 locations throughout the Chicagoland area and Northwest Indiana, pending regulatory approval. Urban Partnership Bank was originally founded in 2010 to take over the Shore Bank franchise.
The Office of the Comptroller of the Currency is currently asking the public for input regarding how banks should be graded on their lending to communities in need. The answers they receive will ultimately help inform the upcoming revamped Community Reinvestment Act policy. While most agree that the 40-year old law needs updating, opinion differs in the various approaches to how.
Several groups across the country are identifying special niches in which to operate de novo banks. Before the financial crisis, many de novos were built to grow and eventually sell. Now, that model is changing towards permanence. Becoming well known in a niche could be a way for new banks to add value and stand out in a competitive market. In this effort, these groups are striving to create banks for niche communities such as veterans and minorities.
Interested in learning about the inner workings of the CDFI Fund? Watch the live broadcast of the CDFI Fund Advisory Board Meeting from 9:00 AM – 2:00 PM on Thursday, August 23rd. Broadcast can be found at this link.
It is Metro Bank's mission to stimulate economic growth within the distressed neighborhoods of Louisville, KY. For the past 21 years, the Bank has fulfilled this commitment by performing over 60% of its activity in these distressed neighborhoods. Now, to further show its drive for positive impact, Metro Bank is expanding its target market to include additional low-income communities and other underserved populations in all of Jefferson County.
The basic business of banking is balancing risk and reward. But in this new climate, what must a traditional bank do to expand its client base and retain strong employees? Well, perhaps banks can gain an upper hand on both fronts by finding ways to do good while also profiting. In this article, Andrew Waxman suggests banks identify underbanked sectors and provide innovative financial tools that can enable profitable capital development. Secondly, banks should empower employees to work on tools that will provide them a "human" as well as "financial" return.
Cities with soaring housing costs have had some success in lowering rents, but that relief has not reached the low-income renters most at risk of losing their housing. Nationally, the pace of rent increases is slowing, with the average rent in at least six cities falling since last summer. However, the decline is primarily in high-end rentals, not for the apartments and other units that house working-class residents who need it most.