In September, the Community Development Financial Institutions Fund (CDFI Fund) announced the availability of up to $1.9 million in funding through the fiscal year (FY) 2022 round of the AmeriCorps CDFI Economic Mobility Corps (EMC), which is a joint initiative of the CDFI Fund and AmeriCorps that places full-time national service members in Certified Community Development Financial Institutions (CDFIs) to enhance their capacity to provide financial literacy, financial planning, budgeting, saving, and other financial counseling activities. Organizations that are interested in applying for... Read more

First Southwest Bank isn't one to borrow a page from another bank's playbook. The $435 million-asset community development financial institution (CDFI) in Alamosa, Colo., creates lending programs that are highly tailored to the needs of its rural communities. "We test a lot of programs," says president and CEO Kent Curtis. "If a program works in the area and we think we can duplicate it within our footprint or in other rural areas around the state of Colorado, then we'll do that." That mindset, and its dedication to its community, has led to the bank receiving hundreds of thousands of... Read more

For Andrew Kaplan, the chief digital and banking as a service officer at New York Community Bancorp, the reasons to make his bank the first to mint a new stablecoin called USDF were clear. The bank has begun working with Figure Technologies to issue a stablecoin, a digital asset that is always equal to a U.S. dollar, that runs on a blockchain Figure developed called Provenance. As lenders and investors buy and sell loans and other assets on Provenance, the use of the USDF stablecoin lets them settle those transactions instantly. New York Community Bank and Figure hope other banks will join... Read more

Carver Federal Savings Bank ("Carver"), a certified Minority Depository Institution ("MDI"), announced today that it signed an agreement with Moody's Analytics to begin incorporating the power of its CreditLens solutions to improve customer experience and provide enhancements like the ability to apply for credit through a one-click process typically only found at larger institutions. Carver expects to fully roll out the CreditLens platform to its business clientele in early 2022, including a full suite of enhanced small business loan products. Carver will continue to provide its customers... Read more

The number of Black banks in the United States has been steadily slipping for 20 years. But the organizers of a proposed new bank in Columbus, Ohio, which features a predominantly African American board of directors, just might change the narrative. If the charter application is approved by state and federal regulators — and the organizers are able to raise at least $20 million in capital — Adelphi Bank would be the only Black bank in Ohio and one of just 21 Black-owned or Black-led banks across the country. Adelphi is also in line to be the first bank owned or led by African Americans to... Read more

In the wake of George Floyd's murder, JPMorgan Chase & Co., Citigroup Inc., Wells Fargo & Co. and other large U.S. lenders began investing hundreds of millions of dollars in Black-owned banks -- an attempt to help meet the needs of underserved borrowers as systemic racism became part of the national conversation. More than a year later, executives at the Black-owned banks say the cash infusions have allowed them to increase lending and expand their staffs, giving support to the African-American community amid pandemic-era uncertainty. Still, while the funding has been useful, the... Read more

As part of its ongoing efforts to help customers better navigate their financial lives, Citizens announced several initiatives designed to make banking more worry-free, transparent and accessible, including a new way to avoid overdraft fees and a commitment to helping ensure that underserved communities have access to banking services. The bank introduced Citizens Peace Of Mind™, a new deposit feature providing customers with the ability to avoid the expense of unexpected overdraft fees. This feature -- which was added to all Citizens Checking accounts on Oct. 1 – allows customers who... Read more

It's a far cry from the postal banking system that progressives favor and bankers dislike, but the U.S. Postal Service's entry into the check-cashing space is still making a big splash. Loud responses Monday from both boosters and critics reflected a widespread perception that the pilot program could be a first step toward a wider implementation of postal banking. The modest scope of the program contrasted with the size of the reaction it generated. The recently launched program is only operating in four offices — in Washington, D.C., Baltimore, Falls Church, Virginia and the Bronx, New... Read more

Five witnesses testified to the U.S. House Committee on Financial Services' Subcommittee on on Consumer Protection and Financial Institutions in a hearing entitled "The Future of Banking: How Consolidation, Nonbank Competition, and Technology are Reshaping the Banking System." Among the witnesses was Desiree Jackson, Assistant Vice President for Treasury Management at Beneficial State Bank. Click "read more" to read the committee memorandum and watch a recording of the hearing.