News
"CBC Bancorp, the holding company for Commercial Bank of California (CBC), announces it has entered into a definitive acquisition agreement with Bay Community Bancorp (OTC Pink: CBOBA), the holding company for Community Bank of the Bay (CBB). Under the terms of the agreement, CBC Bancorp will acquire Bay Community Bancorp in an all-cash transaction valued at $14.00 per common share. This acquisition merges institutions from two of California's largest banking markets, resulting in approximately $3.5 billion in combined assets.
'The alignment of our two institutions will create a unique banking franchise that better serves our employees and clients,' said Ash Patel, chairman of the board, CEO and president of Commercial Bank of California. 'Once we combine our two reputable banking platforms, it will create a transformative business bank with expanded product offerings driven by the purpose to serve our communities across California.'"
"The CFPB has announced that, in light of court orders in ongoing litigation, it plans to issue an interim final rule to extend the compliance dates set forth in the small business lending rule.
More information about the compliance date extension is available at www.consumerfinance.gov/1071-rule/."
"The Supreme Court ruled on Thursday that the Consumer Financial Protection Bureau's funding is constitutional and satisfies the requirements of the Appropriations Clause.
The majority 7-2 opinion by Justice Clarence Thomas was joined by Chief Justice John G. Roberts, Jr. and Justices Elena Kagan, Brett M. Kavanaugh, Sonia Sotomayor, Amy Coney Barrett and Ketanji Brown Jackson. A dissenting opinion was filed by Justice Samuel A. Alito, Jr., who was joined by Justice Neil M. Gorsuch. A separate concurring opinion was filed by Justice Kagan, joined by Justices Sotomayor, Kavanaugh and Barrett. Justice Jackson filed a separate concurring opinion."
"Today, the House Financial Services Committee, led by Chairman Patrick McHenry (NC-10), reported eleven pieces of legislation out of Committee favorably to the full House for consideration. These include a slate of financial institutions, capital markets, and housing legislation to improve efficiency and accountability at federal agencies, as well as expand economic opportunity."
"Senator Mark Warner (D-VA) released a letter to the Senate Appropriations Committee on Fiscal Year 2025 CDFI Fund appropriations. A total of 48 Senators signed the letter, which supported an appropriation of $325 million for the Fund. The letter includes 11 Members of the Appropriations Committee and 4 Republican Senators: Rounds (SD), Daines (MT), Crapo (ID), and Cassidy (LA). Sens. Crapo and Daines signed on the for the first time. Sens. Warner and Crapo are Co-Chairs of the Senate Bipartisan Community Development Finance Caucus. Other Caucus Members who signed include Klobuchar (D-MN), Ossoff (D-GA), Reed (D-RI), Smith (D-MN), Warnock (D-GA) Peters (D-MI), Hickenlooper (D-CO), Schatz (D-HI), Wyden (D-OR), Booker (D-NJ), Rounds, Cassidy, and Daines.
Last month, Representatives Barbara Lee (D-CA) and Don Bacon (R-IL) led the bipartisan House letter, which garnered 96 signatures. That letter requests $341 million, which is $17 million above the enacted FY 24 level for the CDFI Fund. Attached please find both letters.
To a remarkable degree, the FY 25 appropriations outlook is unsettled. Today House Appropriations Committee Chairman Cole (R-OK) reiterated that when the Committee begins marks in late May or June, the topline number for domestic programs will be $710 billion, as established in the Fiscal Responsibility Act (FRA) , Public Law 118-5, which is roughly $60 billion below the FY 24 level. The Senate Appropriations Committee has not yet indicated its approach, but it likely to propose a higher number for domestic programs than set in the FRA. Neither the House nor the Senate will complete appropriations bills by the end of the fiscal year. When it returns from the August recess, Congress is likely to pass a Continuing Resolution (CR). With elections approaching, Congress will adjourn at the end of September. After the election, a lame duck session will have long list of legislation to consider including appropriations, taxes, and the farm bill."
"The Federal Reserve Bank of New York today released a report quantifying sales of loans by Community Development Financial Institutions (CDFIs). The report, "Examining the Origination and Sale of Loans by Community Development Financial Institutions," finds the amount of loans originated by CDFIs more than doubled between 2018 and 2022, reaching $67 billion. The amount of loans sold by CDFIs also more than doubled during the same period, reaching $14.2 billion, the report finds."
"Today, the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) opened the fiscal year (FY) 2024 funding round for the Bank Enterprise Award Program (BEA Program). Application materials are now available on the BEA Program page of the CDFI Fund's website in anticipation of the publication of the FY 2024 Notice of Funds Availability (NOFA) in the Federal Register on April 29, 2024. The FY 2024 BEA Program NOFA states that up to $40 million is available in awards to eligible Federal Deposit Insurance Corporation (FDIC)-insured depository institutions."
CDBA would like to congratulate members John Lewis (Harbor Bank of Maryland) and Arturo Ortega (Freedom Bank) on being named to the FDIC's MDI Subcommittee to the Advisory Committee on Community Banking.
"The Federal Deposit Insurance Corporation (FDIC) today announced four new members of the agency's Minority Depository Institutions (MDI) Subcommittee to the Advisory Committee on Community Banking:
- John Tom Anderson, President and CEO, F&M Bank, Edmond, Oklahoma
- John Lewis, President and CEO, The Harbor Bank of Maryland, Baltimore, Maryland
- Alfonso Macedo, President & CEO, Ocean Bank, Miami, Florida
- Arturo (Art) Ortega, Chairman and CEO, Freedom Bank, Alamo, Texas"
"Today, Congressman Dave Joyce (OH-14) announced his appointment to serve as Chairman of the Financial Services and General Government (FSGG) Subcommittee on the House Appropriations Committee.
'I am honored to be appointed to such a critical and pivotal position on the Appropriations Committee. In this role, I will work with my colleagues to strengthen U.S. financial markets and ensure taxpayer dollars are spent responsibly. I thank Chairman Cole for entrusting me to lead our country back to a path of fiscal responsibility,' said Congressman Joyce.
The Financial Services and General Government Subcommittee has appropriations jurisdiction over a wide range of federal agencies—including the Internal Revenue Service, Department of the Treasury, District of Columbia, Judiciary, Executive Office of the President, Securities and Exchange Commission, Small Business Administration, Federal Trade Commission, Federal Communications Commission, Federal Deposit Insurance Corporation, Consumer Product Safety Commission, Office of Personnel Management, and the U.S. Postal Service."
Why it matters: Cole will be tasked with leading the powerful panel that oversees crafting government funding bills [including the Department of Treasury and CDFI Fund]
- The shuffle comes after Granger — who is set to retire at the end of this term — decided to step down from the position shortly after passing FY 2024 spending packages."