This Comment Letter provides guidance to the CFPB on mechanisms to promote product innovation that can offer responsible alternatives to payday loans and provides a wealth of examples of alternative small dollar loans products offered or piloted by CDFI Banks.
Congratulations to City First Bank of DC on an incredible conference on the intersection of Commerce, Culture, & Community Development.
As part of their Community Banking in the 21st Century Research and Policy Conference, held annually, the Federal Reserve releases a selection of research papers that examine conditions and performance in the sector. Read more to see a profile of the articles featured.
The question of how to develop a national or statewide banking strategy to assist the black community is of the utmost importance. This article in the American Banker promotes a solution that involves cooperation between federal regulators such as the Federal Reserve, Office of the Comptroller of the Currency and the FDIC to work jointly with black-owned banks to make the largest impact.
First American International Bank CEO Mark Ricca is quoted in this engaging article about the expansive and fast growing real estate market within the Chinese American community in New York City.
The CDFI Fund publicized the awardees for the Financial Assistance, Technical Assistance, and Healthy Food Financing Intiative funds for FY2016. We congratualte the six CDBA members who won awards in this round: BankPlus (FA), Citizens National Bank of Meridian (FA), Neighborhood National Bank (TA), Spring Bank (FA), Southern Bancorp (FA), and Start Bank (FA). Click on Read More to see the full awards list.
Darrin Williams, CEO of Southern Bancorp discusses the impact of FinTech disruptors on small community banks' competitive edge in the consumer lending field in this article in American Banker.
The 109-year-old M & F Bank has long served as a catalyst for community economic development in Durham, North Carolina. Building off the bank's long-standing history, President & CEO James Sills discusses future opportunities for growth and diversification, positioning the bank to remain as an industry leader throughout the 21st century.
CDBA Members: Beneficial State Bank, Sunrise Banks, and Virginia Community Capital, earned the distinct honor of being ranked as a "B Corp Best for the World" company as they scored in the top 10% of all Certified B Corporations on the B Impact Assessment, a rigorous and comprehensive assessment of a company's impact on its workers, community, and the environment. Read more to access the full list of awardees.
The open comment period on the CPFB's proposed regulations targeting payday loan lenders, has led to reports of duplicative letters from allegedly distinct individuals or organizations. These letters have come under scrutiny in the past several weeks as 49 of the 220 submitted online comments contain similar content.