News
"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."
Policy Map has announced new overlays to help users visualize data relevant to bank compliance under reforms to the Community Reinvestment Act. Per Policy Map:
"To enhance clarity and promote compliance, regulatory agencies have established 12 impact review factors to evaluate the impact and responsiveness of a bank's qualifying activities, particularly in community development financing...
PolicyMap's geospatial analysis and visualization tools effectively address nine of these 12 impact review factors, enabling stakeholders to identify opportunities for impactful community development while ensuring compliance with regulatory standards."
[Two-time consecutive Peer Forum guest] "Mark Calabria, who headed up a key mortgage regulator during the first Trump administration, has taken a post involving financial reviews of government entities, according to multiple reports.
Calabria told members of the Exchequer Club on Wednesday that he is working with the Office of Management and Budget, and will be a liaison to the Consumer Financial Protection Bureau. Free-market think tank Cato Institute, where he most recently was a senior advisor, confirmed he has left the organization.
[Washington Post reporter Andrew] Ackerman said Calabria will be 'bringing all the independent agencies into OMB' and will be at the Consumer Financial Protection Bureau until Jonathan McKernan, a former Federal Deposit Insurance Corp. board member and Trump's CFPB nominee, can be confirmed. The CFPB and Calabria had not responded to inquiries about the details at deadline."
"Republican Sen. Mitch McConnell announced Thursday that he won't seek reelection next year, ending a decades long tenure as a power broker who championed conservative causes but ultimately ceded ground to the fierce GOP populism of President Donald Trump.
McConnell, the longest-serving Senate party leader in U.S. history, chose his 83rd birthday to share his decision not to run for another term in Kentucky and to retire when his current term ends. He informed The Associated Press of his decision before he addressed colleagues in a speech on the Senate floor.
'Seven times, my fellow Kentuckians have sent me to the Senate,' McConnell said, as aides lined the back chamber and senators listened from seats. 'Every day in between I've been humbled by the trust they've placed in me to do their business right here. Representing our commonwealth has been the honor of a lifetime. I will not seek this honor an eighth time. My current term in the Senate will be my last.'"