Recent News
Virginia Community Capital developed the $10MM Economic Equity Fund to help small business owners who are women and/or Black, Indigenous, or People of Color and were disproportionately affected by the pandemic.
On June 16, 2022, staff from the Federal Reserve hosted an Ask the Fed® webinar on the ELE tool, which can be used to determine expected credit losses under CECL. A recording of the webinar can be accessed by clicking here. The ELE tool is an Excel-based tool that automates the Weighted-Average Remaining Maturity (WARM) method. The tool relies on a community financial institution's loan-level data and assumptions. The ELE tool is transparent and provides fully viewable code and formulas to allow community... Read more
The Federal Reserve Bank of Minneapolis invites you to a July 14, 2022, virtual discussion and listening session on how Community Reinvestment Act (CRA) proposed rulemaking could more effectively address the investment and credit needs of community development financial institutions (CDFIs), minority depository institutions (MDIs), and low-income credit unions (LICUs). Your feedback on the modernization process will help us ensure that regulatory changes lead to a more effective CRA. We encourage you to voice your comments and questions about the modernization proposal during this... Read more
Partners for the Common Good (PCG) seeks a creative candidate for the position of Graphics and Digital Communications Associate. The Associate will lead graphics work as well as support internal and external communications strategies, including news media. The position will also support member education, programming and impact analysis functions. PCG is a national community development organization with a mission to advance economic justice and racial equity among low-income people and people of color by partnering with and strengthening financial institutions that bring capital,... Read more
The National Football League (NFL) announced today its partnership with Contract with Black America Institute (CWBA), an economic inclusion-focused initiative led by artist and entrepreneur O'Shea Jackson, also known as Ice Cube. The CWBA and NFL partnership enhances the NFL's dedication to increasing economic equity and partnerships with Black owned businesses. The collaboration focuses on identifying League-wide opportunities in the financial, tech, and production sectors, with a concentration on increasing direct and indirect spend to national Black businesses to help close... Read more
Climate First Bank, a full-service FDIC-insured commercial bank focused on environmental sustainability, celebrates one year of operation this month. In just one year, the bank opened two branches and shattered its financial and ESG goals to achieve $211 million in assets, $142 million loans and $171 million deposits. In its second year, Climate First Bank will build upon this phenomenal financial performance with the opening of a temporary Lake County branch at 2755 E. Orange Avenue in Eustis, Florida (pending regulatory approval). Climate ... Read more
Financial wellness is a trending term in our industry but what does it really mean to banks, consumers, technology providers alike? Banks and fintechs are eager to acquire customers by claiming to improve their financial lives, however there's no clear cut way to do this. Every consumer has a different situation with different financial goals, so what are the right tools they need to reach those goals, and how can you put the pieces of the puzzle together at scale? This week's webinar, we will discuss all sides of the equation (banks, fintechs, technology providers) and how they are... Read more
The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) opened the fiscal year (FY) 2022 funding round for the CDFI Equitable Recovery Program (CDFI ERP) today. The program will provide approximately $1.73 billion in awards, which was included in the Consolidated Appropriations Act, 2021 (Pub. L. 116-260), to Certified Community Development Financial Institutions (CDFIs) to respond to the economic impact of the COVID-19 pandemic. The CDFI Fund is opening the program round for applications today in anticipation of publication of the Notice of... Read more
Mary Holmes, a retired resident of Jackson, Mississippi, is living comfortably in her home again after receiving funding from the Special Needs Assistance Program (SNAP) to replace her roof. After years of uncertainty about how she could afford to replace her aging roof, Ms. Holmes received a $7,000 SNAP subsidy from BankPlus and the Federal Home Loan Bank of Dallas (FHLB Dallas). The roof was leaking and in desperate need of replacement. “I’ve lived in this home for 42 years. It was brand new when I moved in, but as time has gone on, repairs have been needed and it is hard to do that... Read more
BankFirst Capital Corp. in Columbus, Mississippi, agreed to acquire in-state peer Tate Financial Corp., parent of the $330 million-asset Sycamore Bank in Senatobia. The $2 billion-asset BankFirst would gain about $160 million of loans and more than $300 million of deposits in Mississippi, according to Federal Deposit Insurance Corp. data. "Together, the combined company will have over 256 years of community banking experience in Mississippi," BankFirst President and CEO Moak Griffin said in a press release Thursday. "We expect this merger to enhance our ability to continue investing in our... Read more
In late 2021 the Federal Reserve Bank of San Francisco kicked off a series of roundtable discussions on climate change-related risks with community development professionals who work in low- and moderate-income (LMI) communities and communities of color. Our most recent roundtable focused on understanding the impact of climate risk on Community Development Financial Institutions (CDFIs) and the important work they do in LMI communities. Participants included real estate lenders and small business and consumer lenders serving urban, rural, and Tribal communities. Here's what we heard.
Yesterday, the CDFI Fund released the FY2021 Capital Magnet Fund (CMF) award announcement, awarding over $336 million to 32 CDFIs and 27 Nonprofit Housing Organizations. This year: Three CDFI banks or bank holding companies and one CDFI bank affiliate received awards: Beneficial State Bancorp, Inc.; Central Bank of Kansas City; City First Enterprises, Inc.; and Legacy Bank & Trust Company; of the three CDFI banks or bank holding companies and one CDFI bank affiliate, all were either CDBA members or affiliated with a CDBA member; collectively, these banks increased their awards by $4.9... Read more
A new bill in Congress proposes a tax credit to subsidize long-term investments in financial institutions that have a primary mission to serve low- and moderate-income communities. The bipartisan Community Development Financial Institutions Tax Credit Act was introduced by U.S. Sen. Mark R. Warner of Virginia along with Sens. Roger Wicker and Cindy Hyde-Smith of Mississippi and Chris Van Hollen of Maryland. The legislators say the tax credit would "promote lasting economic prosperity in Black, brown and low-income communities." The proposed tax credit would subsidize equity investments... Read more
The Harbor Bank of Maryland had a grand opening of their Northwood Branch this week. They took it as a perfect opportunity to celebrate Juneteenth. It's opening up in Northwood Commons Shopping Center, which played an important role during the Civil Rights movement. 400 students from Morgan State University protested the center's segregation and wound up in jail. Now it's been transformed to reflect the spirit of those 400 students and the work they did to fight for their rights.
Senator Mark Warner, Senate Colleagues and Community Development Bankers Association (CDBA) Steward Historic Bi-Partisan Legislation
WASHINGTON – Today, U.S. Sen. Mark R. Warner (D-VA) was joined by Sens. Roger Wicker (R-MS), Chris Van Hollen (D-MD), and Cindy Hyde-Smith (R-MS) in introducing bipartisan legislation to promote lasting economic prosperity in Black, brown and low-income communities. This bill would help unlock more equity and long-term financial capital for community... Read more
Last week, the House Appropriations released a draft of FSGG appropriations bill for FY 23. The FSGG Appropriations Subcommittee was scheduled to mark-up the bill June 16. Full Committee consideration is scheduled for tomorrow, June 24, with floor consideration soon thereafter. The Senate Appropriations Committee has not yet released a mark-up schedule. The bill appropriations $336.4 million for the CDFI Fund. The amount is $41 million higher than Fiscal Year 2022 and approximately $5 million above the budget request. The bill also authorized $500 million for the CDFI Bond Guarantee. As is... Read more
CNote, an Oakland-based fintech, announced that Apple will use the CNote platform to deploy $25 million into underserved communities across the country. Apple's $25 million commitment is part of its broader Racial Equity and Justice Initiative, an effort to address systemic racism in America and expand opportunities for communities of color. The new funding builds on Apple's previously announced commitments to expand economic empowerment and support entrepreneurs of color. CNote has deployed an initial round of Apple deposits to mission-driven financial institutions, including ANECA... Read more
The Federal Deposit Insurance Corporation (FDIC) today announced seven new members of the agency's Advisory Committee on Community Banking:
- Troy Campbell, President & CEO, Altoona First Savings Bank, Altoona, Pennsylvania
- Robert James II, Executive Vice President, Carver State Bank, Savannah, Georgia
- Trey Maust, Executive Chairman, Lewis & Clark Bank, Oregon City, Oregon
- Dominik Mjartan, President & CEO, Optus Bank, Columbia, South Carolina
- Arlen Osterbuhr, Chairman & CEO, Minden Exchange Bank and Trust Company, Minden,... Read more
Anguilla banker Kit McCoy has been elected to the Executive Council of the Mississippi Young Bankers, a section of the Mississippi Bankers Association. McCoy serves as compliance officer and senior mortgage lender for Bank of Anguilla. McCoy started in banking as a part-time teller 22 years ago while she was a college freshman. She earned her BSE from Delta State University, and she is a graduate of the Mississippi School of Banking at the University of Mississippi and the Graduate School of Banking Louisiana State University. McCoy also earned the designation as a Certified Regulatory... Read more