Federal Reserve Bank of Richmond | Tuesday, January 23, 2018

Through the Richmond Fed's Survey of CDFIs in the Southeast (SCDFISE), CDFIs provide timely information on their capitalization, demand, and capacity, and development programs and services. This article presents key findings from the 2017 SCDFISE, including trends in CDFI certification, analysis of asset size, and perennial challenges in meeting demand for products and services provided by southern CDFIs.

New York Times | Tuesday, January 23, 2018

The Senate is looking to pass legislation within the next month that would roll back restrictions on swaths of the finance industry. Such legislation would constitute the most significant loosening of rules imposed in the wake of the 2008 financial crisis. Buoyed by their success in rewriting the tax code, Republican lawmakers now aim to help the financial industry relax many post-crisis rules and regulatory obligations, particularly for thousands of small- and medium-sized banks. The bill would allow hundreds of smaller banks to avoid certain elements of federal oversight.

Enterprise | Tuesday, January 23, 2018

A new provision in the Tax Cuts and Jobs Act lays the foundation for placing trillions of dollars in unrealized capital gains into investment funds to drive long-term capital to distressed communities. The new Opportunity Zone Program provides tax benefits in Opportunity Funds, or "O Funds." O Funds will activate passive holdings by connecting investors to investment opportunities in Opportunity Zones. This concept, which was originally introduced in the Investing in Opportunity Act, is the first new community development tax incentive program introduced since the Clinton Administration.

Harvard University Joint Center for Housing Studies | Tuesday, January 23, 2018

According to Harvard University JCHS' newly released report, "America's Rental Housing 2017", unprecedented growth in the rental housing market is slowing amidst persistent affordability challenged for low- and moderate-income renter households. The report finds that fewer new renter households are being formed, rental vacancy rates have risen, and rent increases have slowed. At the same time, renter demographics are changing and rental affordability challenges remain prevalent.

| Thursday, January 18, 2018

We are seeking a high energy and dynamic candidate for the position of Public Policy Manager.  The Manager will advance our public policy advocacy agenda. The position reports to Chief Executive Officer, but works with all members of the team.  This is a full time 40 hour per week position.  The position is located at CDBA's offices in Washington, DC. Click here to read the full description.

American Banker | Wednesday, January 10, 2018

Old Second Bancorp. A $2.4 billion-asset bank in Aurora, IL, has agreed to buy Greater Chicago Financial, the parent of $350.4 million-asset ABC Bank. The deal, which is expected to close in the second quarter, values Greater Chicago at 119% of its tangible book value. "ABC Bank's four offices and more than a century of service in the Chicago market are a great complement to our existing footprint," said James Eccher, Old Second's President and CEO.

University of Southern Mississippi | Wednesday, January 10, 2018

The First, A National Banking Association is serving as the title sponsor to the Economic Outlook 2018 Forum hosted by the University of Southern Mississippi. The forum will convene experts from banking, finance, and academia to explore a number of issues and research related to the economic outlook for 2018. "The Economic Outlook Forum continues to grow every year, and we expect another large turnout," said Hoppy Cole, President and CEO of The First. "It gives us an opportunity to visit with people from the Gulf South region, to find out what is going on and how our company can be of service."

The Roanoke Times | Wednesday, January 10, 2018

Wells Fargo has donated a 105-year-old iconic bank building in downtown Roanoke to Virginia Community Capital, which plans to open a dialogue with residents about what the structure could become. Leah Fremouw, Director of Community Impact at VCC, said that their organization intends to "direct the redevelopment off the 55,000-square-foot property into a practical use that further strengthens the central core of the city, enhances economic development, creates jobs, and potentially expands downtown development opportunities for others."

Next City | Wednesday, January 10, 2018

This article highlights Spring Bank's Grow Loan Program for small businesses with capital needs of less than $150,000 -- a typical cutoff for small business loans from a bank. It highlights the beneficial effects of the program on specific ventures spearheaded by women and minority entrepreneurs. "If you look at every one of our Grow Loan clients, you will find a really compelling story in every one of them," said Ines Marino, Spring Bank's director of small business lending.

American Banker | Wednesday, January 10, 2018

The tax reform law enacted in late 2017 is already threatening to exacerbate the affordable housing crisis. The law is expected to eliminate 300,000 affordable housing units over 10 years, partly because it will reduce the value of banks' low-income tax credits, which finance half of all affordable housing units, according to a report by the nonprofit real estate firm NHP Foundation. Lowering the corporate tax rate reduces the value of the tax credits by roughly 15% because banks and partnerships that use the tax credits are limited in deductions on appreciating expenses.