Recent News
Per Politico, DOJ's review of bank mergers will refocus its enforcement of American legal precedence by limiting big bank mergers to maintain as much competition as possible. The goal is to revive the DOJ's practice of issuing competitive factors reports. Going forward, the DOJ will look, for example, "to ensure that customers have the ability to choose among different types of lenders, such as retail banks, small business banks, and large- and mid-size business banks in any transaction."
Lillous Ann Shoemaker, president and general counsel of Magnolia State Bank, was recently appointed to The Federal Deposit Insurance Corporation Advisory Committee on Community Banking, which was established in 2009. Shoemaker is the first Mississippian to serve on the Advisory Committee.
The NFL announced $78 million in borrowing from 16 MDI's and CDFI's, 10 of which are CDBA members. The NFL is establishing relationships with diverse financial institutions to provide new economic opportunities typically only available to larger financial institutions and to increase the diversity of its banking partners. Additionally, the new business opportunities will help fund growth, increase investment back into the communities they serve and create broader visibility for the institutions themselves.
Several large banks and other companies and foundations have secured $1 billion of committed deposits for financial institutions that focus on underserved communities, but organizers say those efforts are still in their early stages.
CDBA Advocates for Environmental Justice in Marginalized Communities
The African American Alliance of CDFI CEOs (The Alliance) is excited to announce that Community Development Bankers Association (CDBA) has joined the Community Builders of Color Coalition (The Coalition). Together with CDBA, The Alliance and other Coalition members will fight... Read more
After an introduction through CDBA, Optus Bank partners with CNote's Impact Cash Program in order to increase deposit levels and elevate its visibility. "Impact Cash was exactly what Optus was looking for," said Dominik. "Finding a new source of deposits that came from impact-minded corporations at low cost balanced the equity investments we received and allowed us to turn out more investments into the community to create impact."
Senators John Hickenlooper (D-CO) and Bill Cassidy (R-LA) are the newest members of the Senate Caucus. The Newly formed caucus has already proved instrumental in guiding the national policy conversation - On January 19, Mark R. Warner (D-VA) and Mike Crapo (R-ID), co-chairs of the bipartisan Senate Community Development Finance Caucus (CDFC), sent a letter to U.S.... Read more
Climate First Bank CEO, Ken LaRoe, has published an open letter directed to state policy makers proposing and adopting new legislation to limit or prohibit state governments from ESG investment.
Lawmakers from both parties say the Federal Reserve needs legislative authority to issue a digital dollar, but the two sides have so far been unable to find a balance between privacy and security that could overcome the partisan divide.
BOM Bank is opening Woodworth's first stand-alone full service bank. This will be the fifth location for BOM in the Rapides Parish, and means no more traveling for Woodworth residents.
BOM Bank won a $2 million loan for a train depot rehabilitation project. The Texas and Pacific Railway Depot has a deep connection to Natchitoches's African-American community. This rehabilitation project will preserve and commemorate that history.
U.S. Senator Mark Warner (D-VA) and co-chair of the new Community Development Finance Caucus spoke with American Banker about the future of community development, cybersecurity, and non-bank regulation.
To level the playing field among community bank charters, the Acting Comptroller announced a 40 percent reduction in assessment rates for all banks on their first $200 million in total balance sheet assets and a 20 percent reduction for all banks on balance sheet assets above $200 million and up to $20 billion.
In this op-ed, Beth Bafford of Calvert Impact Capital, reflects on the gap that CDFIs filled during the COVID-19 pandemic and how the industry requires more support for the critical work we do to create a "diversified and inclusive economy."
COVID-19 catapulted community development lending into a new level of prominence and importance in American finance. Jeannine Jacokes, CDBA CEO noted that in the very beginning the industry didn't have experience in terms of public policy advocacy. "Fast forward 30 years, and we have a caucus — that is a mind-blowing thing, because way back when, CDFIs were very much grassroots organizations. Many didn't get a lot of government funding from any source whatsoever," said Jacokes.
CEOs from Native banks discuss the importance of access to capital and assistance for their banks to thrive. Jeff Bowman of Bay Bank provided insight about how other CDFIs can support Native banks.
We are very sorry to report the death of Steve Schnall, CEO of CDBA member Quontic Bank. "Steve was a charismatic leader who inspired progress, got results, and managed to have fun along the way. He will be greatly missed," said George Lazaridis, co-founder and interim CEO.
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."