Community Development Banking News
CDFI Banking: Industry, Policy, and Beyond.
"President-elect Trump announced his nomination of former NFL star Scott Turner for Secretary of the Department of Housing and Urban Development on Friday.
'I am pleased to nominate Scott Turner, from the Great State of Texas, as the Secretary of the United States Department of Housing and Urban Development (HUD),' Trump wrote in a press release."
"Russell Vought, a prominent contributor to the Heritage Foundation's Project 2025, will return as director of the Office of Management and Budget in Donald Trump's second administration, the president-elect announced Friday.
Vought will lead the powerful office tasked with reviewing federal regulations and developing the president's budget, Trump said in a post on his social media platform."
"Good afternoon. It's an honor to welcome President Clinton to Treasury today to mark the recent 30th anniversary of the establishment of the Community Development Financial Institutions Fund...
...The CDFI Fund has been a key part of this story. Since its establishment and across both Democratic and Republican administrations, it has provided more than $8 billion to CDFIs and mission-driven lenders and $81 billion in tax credits to community development entities. In 2023, it awarded more assistance than in any other year in its history. And one analysis finds that every dollar the CDFI Fund invests catalyzes at least eight more dollars in private sector investment."
"Federal Deposit Insurance Corp. Chairman Martin Gruenberg — the agency's longest serving board member — said Tuesday that he would retire from the agency in January.
In an email sent to staff, Gruenberg said he had given President Biden notice that he plans to retire as chairman and member of the board of directors of the FDIC effective Jan. 19, the day before President-elect Donald Trump is sworn in."
"Former President Bill Clinton will return to the U.S. Treasury Department for the first time in nearly 25 years on Thursday to mark the 30th anniversary of a community lending fund launched during his presidency but which could be put at risk by President-elect Donald Trump's new government efficiency body.
The Treasury Department said that Clinton will join Yellen in a program to underscore the importance of the Community Development Financial Institutions Fund in supporting small businesses and families in minority and underserved communities. The fund was launched in 1994. Yellen became chair of Clinton's Council of Economic Advisers in 1997."
"President Joe Biden is requesting nearly $100 billion in emergency disaster aid after Hurricanes Helene and Milton, and other natural disasters, telling lawmakers that the money is 'urgently needed.'
The letter Monday to House Speaker Mike Johnson comes as lawmakers meet during a lame-duck session to finish key priorities before making way for a new Congress and the incoming Trump administration. Biden said he has met firsthand with those harmed by the storms and he heard what residents and businesses needed from the federal government."
"House Republicans vying to chair the Financial Services Committee are ramping up their campaigns to win over key GOP powerbrokers. MM has a sneak peek at the pitches (and related apparel) from two top contenders, Reps. Andy Barr and French Hill, who are trying to tie their proposed agendas to President-elect Donald Trump."
"Consumer Financial Protection Bureau Director Rohit Chopra is asking Congress to reconsider deposit insurance limits after the failure of an Oklahoma bank will likely cause some to take a haircut on their deposits.
The tiny First National Bank of Lindsay in Oklahoma was shuttered in October after the Office of the Comptroller of the Currency found "false and deceptive bank records and other information suggesting fraud." At the time, the Federal Deposit Insurance Corp. said that it would make 50% of uninsured funds available to depositors."
"Rep. French Hill, R-Ark., a leading contender to lead the Republicans on the House Financial Services Committee, has pitched a vision for community banking policy under a Republican-led administration...
...His principles include a further tailoring of regulations for community banks, measures to make it easier for those banks to attract capital and partner with financial technology companies, and changes to the ways in which regulators resolve failed banks.
'I just believe that we've lost our way in attracting new capital into the industry on a de novo basis, the formation of midsize companies through mergers and acquisitions, and in the resolution of a failing institution,' Hill said in an interview with American Banker."
CDBA extends congratulations to all of our members that have made this distinguished list!
"Banks spent the past year grappling with familiar challenges. The second year of sustained high interest rates continued to drive higher deposit costs and lower loan demand, which in turn squeezed margins. The regulatory landscape grew more fraught following the banking crisis in 2023 and fraud activity increased. Employee recruitment and retention remained difficult at some banks. Toss in election-year uncertainties and growing geopolitical concerns, and there were plenty of headaches at hand.
All the while, many went out of their way to make sure their employees love where they work. Those banks focused on career development, meaningful employee benefits and a sound, supportive culture.
Read on for profiles of each honoree on American Bankers' Best Banks to Work For 2024 list."