Virginia Community Capital has outgrown its office in downtown Richmond and is moving into a larger building in Henrico County. “After almost ten years, in our space downtown, we now require a larger space for our Richmond team. This is an exciting step for VCC, as it is indicative of our continued growth and impact across the state,” wrote Jane Henderson, CEO of VCC.
The CDFI Fund is issuing a call for well-qualified persons to serve as remote-location application reviewers for the 2017 application round of the Capital Magnet fund. Reviewers much have considerable expertise in community and economic development finance. The CDFI Fund has contracted with F2 Solutions to recruit reviewers. Applications are being accepted on a rolling basis until 5pm EDT on Friday, August 4, 2017. If you are interested, please send a brief email indicating your interest to: CMFReview@F2Solutions.com.
Urban Partnership Bank recently served as a sponsor for the 4th annual Financial Services Pipeline Intern Career Conference in Chicago; the conference aimed to expose more African Americans and Latinos to financial careers in an effort to increase interest and representation in this field. Urban Partnership Bank was among the various companies on hand to provide guidance, expertise, and opportunities to the interns.
In response to the House Appropriations Committee’s approved top line at just $190 million for the CDFI Fund in FY2018, the Credit Builders Alliance asked its CDFI members to forward a survey to their borrowers. The results of the survey resoundingly disprove the contention that CDFIs are no longer needed, which President Trump insinuated in his budget blueprint by declaring that “the CDFI fund was created more than 20 years ago to jump-start a now mature industry.” In the survey, 57% of respondents said that their CDFI loan helped them to start of grow a business.
According to a survey recently conducted by the American Bankers Association, Americans overwhelmingly believe that our economy needs banks of all sizes, and a majority is concerned about the falling number of banks. The survey demonstrated that Americans widely understand the benefits that banks bring to their communities: 79% agreed that they play an important role through financial education offerings and community event sponsorships, and 87% agreed that they help support local businesses.
A recent Forrester benchmarking study examined mobile offerings for retail customers of various banks and found that many of their mobile apps lacked functions that would not require a large investment by the banks to implement. Minor functions such as the ability to search for items within an app or the ability to sort transactions are often overlooked, which can hinder a user’s experience. For community banks, which don’t have the budgets of their larger counterparts to spend on digital upgrades, Forrester’s advice is particularly relevant.
Legacy Bank & Trust of Rogersville, Missouri has agreed to purchase Financial Enterprises Inc., the holding company of First National Bank of Clinton. Through the deal, Legacy will gain access to Clinton’s three branches and $70 million in assets. “Coming from a family-owned institution for over 120 years, I feel confident that we understand and appreciate the relationships built by First National Bank of Clinton, which has been family owned for nearly 50 years,” said Legacy Bank & Trust Chairman Chris Harlin. “It was this mutual admiration that made this venture possible.”
Businesses and governments are going cashless. But one significant portion of the population is getting left out of this transition: people who lack access to traditional financial services like bank accounts and credit cards. Nationally, about 7.7% of people are unbanked; another 20% are underbanked. Anti-poverty advocates say the change is problematic for low-income people, but they disagree on how to solve it.
WBUR Radio Boston recently interviewed Teri Williams, president and CEO of OneUnited Bank. She discussed the discrepancies between black and white homeownership in Boston, elaborating on issues of eligibility and describing her company’s involvement with the ONE Mortgage Program that is offered in Boston for first-time homebuyers. Through this program, OneUnited has partnered with MA-based nonprofit housing organizations to help close the eligibility gap.
Oliver Wyman provides critical insight on non-financial payment reporting data or “alternative data”, which can improve access to credit for millions of Americans by overcoming two key limitations of today’s best lending practices and enhancing the accuracy of existing credit scores.