News
"House Financial Services Committee Chairman French Hill (AR-02) today released the following statement in response to Acting FDIC Chairman Travis Hill's outline of several priorities that echo calls from Chairman French Hill's Making Community Banking Great Again (MCBGA) principles.
'I congratulate Travis Hill on his designation as Acting Chairman of the FDIC," said Chairman Hill. "The priorities Acting Chairman Travis Hill outlined this week demonstrate that he understands how critically important it is that the FDIC focus on its mission of maintaining stability and public confidence in our nation's financial system. I look forward to working with the FDIC to ensure that banks of all sizes can serve communities across our nation and remain a source of strength for our economy.'"
"Treasury Secretary Scott Bessent has shut down a wide variety of operations inside the Consumer Financial Protection Bureau in his new role as acting director.
Bessent ordered the CFPB to stop all rulemaking, communications, litigation, and other activities, according to a Monday email to staff obtained by Bloomberg Law.
Bessent took over the CFPB as acting director after President Donald Trump fired Biden-era Director Rohit Chopra."
"The Senate on Wednesday confirmed former Rep. Lee Zeldin (R-N.Y.) to take the helm of the Environmental Protection Agency (EPA).
He was confirmed in a 56-42 vote. Democrats Mark Kelly (Ariz.), John Fetterman (Pa.) and Ruben Gallego (Ariz.) voted with Republicans in favor of his confirmation."
"The Federal Reserve has put its monetary-easing campaign on hold until further notice.
The Federal Open Market Committee opted to keep the target range for the federal funds rate between 4.25% and 4.5% during its meeting this week, ending its streak of cuts over the past three meetings.
The move, which had unanimous support from the FOMC's 12 voting members, was clearly signaled through speeches and public remarks in the weeks leading up to the meeting. Fed futures markets had largely priced in no change to the policy rate."
"President Donald Trump's budget office on Wednesday rescinded a memo freezing spending on federal loans and grants, less than two days after it sparked widespread confusion and legal challenges across the country.
The memo, which was issued Monday by the Office of Management and Budget, had frightened states, schools and organizations that rely on trillions of dollars from Washington."
"The U.S. Senate on Monday confirmed Scott Bessent to be President Donald Trump's Treasury secretary, giving the billionaire hedge fund manager a central role in shaping the new administration's policy ambitions around tax cuts and spending and managing economic relationships with allies and adversaries alike.
As the 79th Treasury secretary, Bessent will have sway over the nation's tax collections and its $28 trillion Treasury debt market, with vast influence over fiscal policy, financial regulations, international sanctions and investments from overseas.
The vote was 68-29, with 16 Democrats supporting the nomination."
"Today, President Donald J. Trump signed an Executive Order to establish regulatory clarity for digital financial technology and secure America's position as the world's leader in the digital asset economy, driving innovation and economic opportunity for all Americans...
...The Executive Order prohibits agencies from undertaking any action to establish, issue, or promote central bank digital currencies (CBDCs)."
"Spring Bank is proud to announce the grand opening of its newest branch in Red Hook, Brooklyn. This new location, 356 Van Brunt Street, Brooklyn, NY, will further our mission to expand access to financial services for consumers and small businesses in underserved neighborhoods.
Red Hook, a vibrant and diverse community, has faced challenges in accessing essential banking services and had previously been one of New York City's 'banking desserts.' Spring Bank aims to address this scarcity and provide residents and local businesses with financial tools and services to create wealth and financial security."
"Pulaski Savings Bank of Chicago, Ill. was closed today by the Illinois Department of Financial and Professional Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC entered into a purchase and assumption agreement with Millennium Bank of Des Plaines, Ill., to assume all deposits of Pulaski Savings Bank."
During Senate confirmation hearings yesterday, both Treasury nominee Scott Bessent and HUD nominee Scott Turner highlighted the critical role of CDFIs in expanding access to capital and driving economic development in underserved communities.
These mentions reflect the growing bipartisan recognition of the essential work CDFIs and CDFI banks do every day—and it's a testament to the incredible advocacy efforts of our members.
"Bessent expressed his commitment to working with Warner and other lawmakers to enhance the role of CDFIs in underserved communities.
'The early part of my career was as a financial services analyst, I believe that the breadth of the U.S. financial services industry is what differentiates the U.S. economy from the rest of the world,' Bessent said. 'The addition of these CDFIs into these underserved communities is very important.'"