News
"In the past, the Board has 'pushed down' requirements developed for the largest firms to smaller banks, often including regional and community banks. One approach that would preserve tailoring is to create an independent community bank supervisory and regulatory framework to clearly separate these banks from larger bank supervision and regulation. This would serve to insulate these smaller banks from standards designed for larger and more complex firms."
"A small subset of the U.S. financial system called Community Development Financial Institutions, or CDFIs, supports economic growth at the local level. The industry is comprised of different types of institutions operating in different ways. Each works to achieve a common mission: improving economic outcomes for underserved communities. Research from the New York Fed shows the industry is growing and changing. In this episode we hear from Federal Reserve Governor Lisa Cook, the New York Fed team doing CDFI research, a researcher from the Federal Reserve Bank of Richmond, and CDFI leaders. Our guests speak about the impacts and challenges of mission-driven lending and opportunities to scale this work."
"Little Rock-based Southern Bancorp, Inc., a Community Development Financial Institution (CDFI) and holding company for Southern Bancorp Bank, plans to acquire Ozarks Heritage Financial Group, and its wholly owned subsidiary, Legacy Bank and Trust, a $1.9 billion asset CDFI based in Springfield, Mo.
The acquisition will expand Southern Bancorp's footprint and expand its asset size to nearly $5 billion. Legacy Bank and Trust now operates in nine locations across Missouri, Oklahoma, and Texas, with a staff of nearly 200."
"You need a loan, but the bank wants to see your credit score, employment history, and debt-to-income ratio. These standard measures of creditworthiness determine if you're likely to repay what you borrow. But what if those measures don't work for you?
For many individuals in Indian Country, traditional lending criteria may not fully capture their creditworthiness. That's where Native Community Development Financial Institutions (CDFIs) step in. Instead of relying solely on conventional criteria, they sometimes evaluate borrowers using alternative criteria that reflect the realities of their communities. This flexibility is just one example of how Native CDFIs may use customized practices, products, or services to suit their clients' needs. According to a study from the Center for Indian Country Development (CICD), a variety of tailored approaches are central to many Native CDFIs' strategies and operations."
"As California grapples with a rising cost of living, many residents remain locked out of basic financial services. To address this, the state legislature is considering a proposal to establish state-run bank accounts, giving Californians a way to save money without incurring fees or maintaining a minimum balance.
The CalAccount program would establish voluntary, zero-fee, zero-penalty, federally-insured transaction accounts that could help people who currently have limited access to banking options."
"The Office of the Comptroller of the Currency (OCC) announced today that it has conditionally approved the merger of Discover Bank, Greenwood, Delaware, into Capital One, National Association, McLean, Virginia.
The OCC conducted a fulsome review of the application submitted March 21, 2024, to ensure all statutory and regulatory requirements have been met. The approval also follows consideration of numerous public comments submitted in writing and expressed during a public meeting held with the Board of Governors of the Federal Reserve System conducted on July 19, 2024. Today's announcement reflects the OCC's careful analysis of the effect of the merger on communities, the banking industry, and the U.S. financial system."
"Acting Comptroller of the Currency Rodney E. Hood today discussed strategic areas of focus for the Office of the Comptroller of the Currency (OCC) in remarks at the Exchequer Club.
In his remarks, Acting Comptroller Hood detailed the OCC's efforts to reduce regulatory burden; promote financial inclusion; embrace bank-fintech partnerships; and expand responsible bank activities involving digital assets. He also affirmed the OCC's commitment to modernizing the federal banking system and maintaining its safety and integrity."
"A federal judge on Wednesday indefinitely blocked the Environmental Protection Agency (EPA) from clawing back billions of dollars in Biden-era climate grants.
U.S. District Judge Tanya Chutkan said the EPA may not suspend or terminate the green grant awards nor limit access to those funds while a lawsuit challenging the effort to recoup the money moves forward."
"The Office of the Comptroller of the Currency (OCC) today announced changes to its organizational structure to ensure its approach to supervision evolves to better address today's challenges, align similar functions within the agency, and leverage opportunities for efficiencies.
The OCC will combine the Midsize and Community Bank Supervision and Large Bank Supervision functions to create the Bank Supervision and Examination line of business. Blending the large, midsize and community bank supervision activities will allow for the seamless sharing of expertise and resources to address bank-specific issues or novel needs and provides opportunities for career development and progression for the agency's entire examination workforce."
"Reps. Darin LaHood (R-Ill.) and Suzan DelBene (D-Wash.), along with 114 bipartisan cosponsors, have introduced NAHB-supported legislation that will improve the Low-Income Housing Tax Credit (LIHTC) and allow builders to increase production of badly needed affordable rental housing.
The Affordable Housing Credit Improvement Act of 2025 addresses the need to boost housing production to ease the nation's housing affordability crisis. The bill would help finance more than 2 million additional multifamily units over the next decade."