News
The US House of Representatives has recently passed an amendment to the Dodd-Frank legislation, which scraps the US$50bn asset threshold above which banks were previously considered “too big to fail” and therefore subjected to more stringent regulation. In its place, the bill proposes determining the systemic risk of each bank based on its size, interconnectedness, financial infrastructure, global cross-jurisdictional activity and complexity – a model based on the Basel Committee’s approach. The law still has to go through Senate before being presented to the president.
Out of the historic $7 Billion New Market Tax Credit Allocation announced just before the Thanksgiving holiday, CDBA members represented 4 of the 5 total banks who received tax credit funding. Central Bank of Kansas City was awarded $80 milliom, City First Bank of DC was awarded $75 million, Sunrise Banks was awarded $70 million, and United Bank of Alabama received $65 million. Click here to read the full list of national awardees.
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Bank of Kilmichael has announced that for the 8th straight quarter they have earned a 5-star Superior rating from Bauer Financial, which measures excellence in areas of capital adequacy, profitability, loan quality, amongst other factors.
The efforts of CDBA Members United Bank of Alabama, BankPlus, and Bank of Montgomery to address the entrenched problems of high rates of unbanked or underbanked individuals in the rural south are highlighted in this recent American Banker article.
Increased oversight and enforcement of the Bank Secrecy Act (BSA) is putting a squeeze on small banks across the country as federal regulators raise the standard for all financial institutions.
Blackfeet tribal community leader Elouise Cobell was recently announced as one of 21 recipients who will receive the Presidential Medal of Freedom, the nation's highest civilian honor. Cobell is an advocate for Native American self-determination and financial independence and in this vein was one of the founders of CDBA member Native American Bank.
Balancing the competing demands of social impact and financial returns is a major source of effort for community development practitioners. Researchers from the Omidyar Network recently published an article detailing their impact investment philosophy across a spectrum that extends from fully commercial investments to philanthropic grants.
Beneficial State Bank is paving the way as the first community development financial institution in California's Central Valley and tenth business in the city of Fresno to receive the certification as a California Green Business, demonstrating the bank's commitment to serving as a conduit for economic development and environmental sustainability.
City First Bank of DC is currently seeking an experienced & forward thinking Director of Bank Operations that will be responsible for the oversight of Branch Administration (including branch operations), Deposit Operations, Electronic Banking, and Product Implementation. Please circulate this job to any colleagues or contacts you think would be an excellent fit.