News
"BankPlus and FHLB Dallas awarded Gulf Coast Housing Partnership a $499,000 Affordable Housing Program (AHP) grant toward the construction of 27 affordable apartments, 60 percent of which are specifically set aside for special-needs residents, including people with disabilities and people who are 55 years old and older. The development is a partnership between GCHP and Midtown Partners Inc., the neighborhood-based non-profit that serves the Midtown community."
"The Federal Reserve Board on Friday announced its approval of the application by Renasant Corporation, of Tupelo, Mississippi, to merge with The First Bancshares, and thereby indirectly acquire The First Bank, both of Hattiesburg, Mississippi."
"As we gear up for the 2025 Federal Reserve CDFI Survey, this post paints a picture of the current state of CDFIs and seeks to understand why the industry may look different than it did in 2023, our last survey year. There are several key takeaways:
- The number of CDFIs certified by the CDFI Fund has grown significantly over the last 15 years but decreased slightly since the last iteration of the CDFI Survey in 2023.
- Loan funds and credit unions make up the majority of certified CDFIs, both nationally and within the Fifth District.
- The types of financial institutions that are CDFI-certified has shifted significantly over time, especially as it relates to credit unions, which have doubled in the Fifth District and more than doubled nationally.
- Past survey results illustrate how differences in the business structures of CDFI credit unions and loan funds influence changes in demand and challenges in meeting demand."
"At a time when diversity, equity and inclusion (DEI) are under assault, there is an opportunity to find common ground with community development financial institutions (CDFIs). These institutions—spanning banks, credit unions, loan funds and venture capital providers—serve as crucial lifelines for both urban and rural underserved communities, ensuring that economic opportunities are not just reserved for the privileged few. From financing first-time homeowners and fueling small businesses to investing in vital community infrastructure like health centers and schools, CDFIs are an indispensable force in revitalizing neighborhoods and fostering economic mobility."
"Over the past five years, Carver Federal Savings Bank — the largest publicly-traded, Black-owned bank in the country — has provided $225 million in loans to disadvantaged communities, representing 183 companies.
The bank has created a growing network of businesses and provided a solid stream of institutional and retail deposits. Now, as it heads into its 77th year, Carver is betting a new two-year microloan program will help the iconic Black-owned bank draw more deposits and grants to invest in New York's African American and Caribbean entrepreneurs.
'When we launched it, it was so popular that it almost broke the Internet, because we had so many businesses applying,' jokes 47-year-old Lloyd Doaman, executive director of Carver Community Development Corp, a subsidiary of the bank."
CDBA would like to congratulate one of our members, Ponce Bank, for receiving a CRA rating of "Outstanding" from the OCC!
"Under the CRA, the OCC assesses an institution's record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with the safe and sound operation of such institution.
The list includes the national banks, federal savings associations, and insured federal branches of foreign banks that have received CRA ratings. Possible ratings assigned are outstanding, satisfactory, needs to improve, and substantial noncompliance."
CDBA would like to congratulate one of our members, Spring Bank, for receiving a CRA rating of "Outstanding" from the FDIC!
"We're so proud to announce that we've received an 'outstanding' Community Reinvestment Act (CRA) rating from the Federal Deposit Insurance Corporation (FDIC)!
This rating was awarded to only 3 of 60 banks in a recent rating period and measures how well banks perform in meeting their responsibilities under the CRA. Passed in 1977, the CRA requires the FDIC to assess a bank's record of meeting the credit needs of its entire community, including people who live in low- and moderate-income neighborhoods."
"Community banks are catalysts for local economic growth, and their bankers often also serve as civic leaders in the region...
Today, as I travel across the country to visit with bankers in just about every state, I learn about how they are driving investment, philanthropy, and financial support for the local economy. While this work is rewarding, it is also challenging. It is sometimes tedious—especially in today's regulatory environment—and it is a seven days a week job..."
"The Consumer Financial Protection Bureau's new leadership on Thursday dismissed at least four enforcement lawsuits undertaken by the previous administration's director.
In legal filings, the CFPB issued a notice of voluntary dismissal for cases involving Capital One; Berkshire Hathaway-owned Vanderbilt Mortgage & Finance; a Rocket Cos. unit called Rocket Homes Real Estate; and a loan servicer named Pennsylvania Higher Education Assistance Agency."
"Department of Housing and Urban Development (HUD) Secretary Scott Turner said he would terminate the Affirmatively Furthering Fair Housing (AFFH) rule on Wednesday, repealing the law which was enacted to 'overcome historic patterns of segregation.'
President Trump originally terminated the rule created during the Obama administration in 2020 after he said it would 'destroy the value of houses' but it was restored by former President Biden in 2021."