News
"Plinqit, the first platform that brings together automated savings, data-driven financial wellness content and virtual account management, has partnered with Bankjoy, a leading digital banking provider for banks and credit unions across the U.S.
Plinqit's financial wellness and savings platform now integrates directly with Bankjoy's award-winning digital banking solution. Bankjoy's extensive client roster of banks and credit unions can easily embed Plinqit's intuitive and automated savings tools and data-driven educational content within their online and mobile banking experiences. These institutions can leverage Plinqit's embedded financial wellness solutions to generate low-cost deposit growth while helping their members and customers save and spend wisely. As a result, more financial institutions can offer their account holders the tailored resources and support they need to live their best financial lives, right within their online or mobile banking app."
"Community development financial institutions (CDFIs) are financial institutions with a mission to serve low- and moderate-income (LMI) individuals and communities. Since 2019, the Federal Reserve has fielded the national CDFI Survey to learn more about these institutions and how they are faring and evolving. This spring, we fielded the 2023 CDFI Survey and received responses from over 450 CDFIs nationwide. Survey results have shown that demand for CDFIs' products and services has continually grown for years. As a result, many institutions are looking to expand what they offer to their clients. This post explores how CDFI respondents in the Fifth District want to expand their product offerings."
"Dana Batterton is celebrating 35 wonderful years as an FNBC Community Banker today! Originally from Salem, Dana began her banking career in Little Rock before moving home and joining FNBC as an Auditor, Compliance Officer and Security Officer. Over the years, she has advanced and today serves as a valued member of our Executive Management Team and leads all aspects of risk management for the bank. Dana is a tremendous leader and teacher, and we are grateful for all the ways she pushes FNBC forward. Congratulations on your milestone anniversary, Dana!
"Five groups are angling to lead EPA's largest climate grant program in history, each pitching a different plan to convert billions of federal dollars into lasting change for people and the planet.
EPA has said it will only choose two or three applicants to run the National Clean Investment Fund (NCIF) — a $14 billion lending facility sometimes dubbed the national green bank. The stakes are high: NCIF is the largest program in the Greenhouse Gas Reduction Fund (GGRF), with a mission to provide affordable financing for tens of thousands of clean technology projects.
EPA is expected to announce awardees for GGRF programs — including the investment fund — by March. Totaling $27 billion, the funding aims to ensure that underserved communities reap the benefits of the green energy transition."
"According to a new report released by the Federal Reserve Bank of New York, Community Development Financial Institutions (CDFIs) have grown rapidly in recent years. But as more money flows through the industry, it prompts the question if that growth will translate to support for the communities most in need of CDFIs' services: minority and low-income communities."
"President Joe Biden issued a new executive order on artificial intelligence — the U.S. government's first action of its kind — requiring new safety assessments, equity and civil rights guidance and research on AI's impact on the labor market.
While law enforcement agencies have warned that they're ready to apply existing law to abuses of AI and Congress has endeavored to learn more about the technology to craft new laws, the executive order could have a more immediate impact. Like all executive orders, it 'has the force of law,' according to a senior administration official who spoke with reporters on a call Sunday."
"According to these QSRs, in a little more than six months, ECIP participants originated a total of approximately $26 billion in loans of which approximately 75%, or $19.4 billion, went to LMI borrowers, borrowers in rural communities, and other categories of Qualified Lending. Approximately one third of ECIP participants' total originations, or $8.6 billion, were Deep Impact Lending, loans made to the hardest-to-serve borrowers, including those that are low income, residents on Tribal lands and in US Territories, and owners of very small businesses."
Rep. Mike Johnson, R-La., secured the votes to be elected speaker Wednesday as the roll call was still underway.
It will bring to an end more than three weeks of disruption after the unprecedented removal of the former speaker, Rep. Kevin McCarthy, R-Calif., on Oct. 3.
Johnson was the fourth nominee for speaker this month, but the only one who could secure a House majority.
This Tuesday, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) released a final rule to "strengthen and modernize their regulations implementing the Community Reinvestment Act (CRA)."
While the revisions remain complex, and are certain to be controversial, several changes are positive for CDFI-certified banks and their communities. These include the following:
- Specific nationwide "community development" consideration for activities conducted with CDFIs, including CDFI banks. This includes activities conducted by CDFI banks with other CDFI depositories, minority depositories (MDIs), low income credit unions (LICUs) and woman-owned depositories (WDIs). Previously, the rule only specified MDIs, WDIs, and LICUs.
- Specific consideration for activities conducted with CDFIs, including CDFI banks, as "responsive" under the Retail Services and Products Test.
- Special Purpose Credit Programs (SPCPs) are also specifically "responsive" under the Retail Services and Products Test.
- Increased thresholds for bank size standards: Large: $2 billion or more. Intermediate: $600 million to $2 billion. Small: under $600 million.
- Small banks will have the option to remain under the existing lending test.
- Deposit data reporting requirements for "large banks" will only apply to a subset with assets greater than $10 billion.
CDBA will work over the coming days to provide a comprehensive summary of changes with particular relevance to CDFI banks and their communities.
"The agency is being pressed by some Republican members of Congress to fully pursue delinquent, pandemic-era loans handed to small borrowers. The SBA says it isn't cost effective.
The Small Business Administration continues to face heat for its decision to not fully pursue overdue pandemic-era loans. And some Republican members of Congress remain determined to recoup billions in delinquent funds."