For the sixth year in a row, Spring Bank in Bronx, New York received the Best for the World in Customers and Governance award from B Lab.
In order to complete preparations needed to deploy the new CDFI Certification Application and reporting tools, the CDFI Fund will pause acceptance of new CDFI Certification Applications and requests for Target Market modifications for a period of six months beginning on October 1, 2022.
Little Rock-based Southern Bancorp Inc. named LaTricia Hill-Chandler the company's new diversity, equity, and inclusion officer. With almost 30 years of experience in DEI work, CEO Darrin Williams called her "invaluable" as the company prepares for "growth that is reflective of our inclusive founding principles."
Virginia Community Capital developed the $10MM Economic Equity Fund to help small business owners who are women and/or Black, Indigenous, or People of Color and were disproportionately affected by the pandemic.
On June 16, 2022, staff from the Federal Reserve hosted an Ask the Fed® webinar on the ELE tool, which can be used to determine expected credit losses under CECL. A recording of the webinar can be accessed by clicking here. The ELE tool is an Excel-based tool that automates the Weighted-Average Remaining Maturity (WARM) method. The tool relies on a community financial institution's loan-level data and assumptions. The ELE tool is transparent and provides fully viewable code and formulas to allow community financial institutions to independently understand and verify the ELE tool. The ELE tool is intended for community financial institutions that have determined the WARM method is an appropriate method to use. Community financial institution management is responsible for ensuring that the method(s) used in the loss estimation process is appropriate for the financial institution's size, complexity, and risk profile.
The Federal Reserve Bank of Minneapolis invites you to a July 14, 2022, virtual discussion and listening session on how Community Reinvestment Act (CRA) proposed rulemaking could more effectively address the investment and credit needs of community development financial institutions (CDFIs), minority depository institutions (MDIs), and low-income credit unions (LICUs). Your feedback on the modernization process will help us ensure that regulatory changes lead to a more effective CRA. We encourage you to voice your comments and questions about the modernization proposal during this important conversation. You are also welcome to provide written comments about the proposal at any time before August 5, 2022.
Partners for the Common Good (PCG) seeks a creative candidate for the position of Graphics and Digital Communications Associate. The Associate will lead graphics work as well as support internal and external communications strategies, including news media. The position will also support member education, programming and impact analysis functions. PCG is a national community development organization with a mission to advance economic justice and racial equity among low-income people and people of color by partnering with and strengthening financial institutions that bring capital, create opportunity, and build wealth in communities. We operate as a wholesale loan participation network with CDFIs across the United States.
The National Football League (NFL) announced today its partnership with Contract with Black America Institute (CWBA), an economic inclusion-focused initiative led by artist and entrepreneur O'Shea Jackson, also known as Ice Cube. The CWBA and NFL partnership enhances the NFL's dedication to increasing economic equity and partnerships with Black owned businesses. The collaboration focuses on identifying League-wide opportunities in the financial, tech, and production sectors, with a concentration on increasing direct and indirect spend to national Black businesses to help close America's racial and economic wealth gap. Driven by a strong internal commitment to diversify the NFL's business partnerships with organizations like CWBA, the League has spent and allocated $125 Million with Black owned and operated businesses such as Ariel Investments, CityFirst/Broadway Bank, Cover Communications, and Fearless Technology during the last year.
Climate First Bank, a full-service FDIC-insured commercial bank focused on environmental sustainability, celebrates one year of operation this month. In just one year, the bank opened two branches and shattered its financial and ESG goals to achieve $211 million in assets, $142 million loans and $171 million deposits. In its second year, Climate First Bank will build upon this phenomenal financial performance with the opening of a temporary Lake County branch at 2755 E. Orange Avenue in Eustis, Florida (pending regulatory approval). Climate First Bank was first envisaged by banking veteran and environmentalist Ken LaRoe in 2020. Despite the economic turmoil caused by the COVID-19 pandemic, Climate First Bank raised an unprecedented $44 million in capital on a minimum subscription of $17 million. In June 2021, Climate First Bank’s flagship location in St. Petersburg opened to much enthusiasm.
Financial wellness is a trending term in our industry but what does it really mean to banks, consumers, technology providers alike? Banks and fintechs are eager to acquire customers by claiming to improve their financial lives, however there's no clear cut way to do this. Every consumer has a different situation with different financial goals, so what are the right tools they need to reach those goals, and how can you put the pieces of the puzzle together at scale? This week's webinar, we will discuss all sides of the equation (banks, fintechs, technology providers) and how they are working together to make a real impact on the financial lives of their customers. The panel will feature Ron Shevlin, Chief Research Officer at Cornerstone Advisors; Jason Henrichs, CEO at Alloy Labs; Sarah Austrin-Willis, Senior Director of Innovation at Financial Health Network, and Brian Blake, Director of Public Policy at CDBA