Recent News
"After more than eight months since a devastating EF4 tornado swept through Rolling Fork, Mississippi, killing 15 people, destroying much of the city's homes and businesses, and displacing hundreds of its residents, hope is on the horizon.
Community leaders and charitable organizations have stepped up to work to rebuild the town together and get its residents back on track."
"Rep. Patrick McHenry announced Tuesday that he won't be seeking reelection, one of the most high-profile congressional GOP retirements of the year.
The North Carolina Republican, first elected in 2004, progressed over the course of his time in the House from conservative rabble-rouser to a well-liked lieutenant of former Speaker Kevin McCarthy. McHenry, 48, later served as acting speaker during the frenetic three-week search for a replacement following McCarthy's ouster."
"Reports from 4,614 commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reflect aggregate net income of $68.4 billion in third quarter 2023, down $2.4 billion (3.4 percent) from the prior quarter. First and second quarter income benefitted from non-recurring gains from the accounting treatment for the acquisition of the three large bank failures this spring. Excluding these one-time gains, net income would have been roughly flat for the past four quarters. These and other financial results for third quarter 2023 are included in the FDIC's... Read more
"The Mission Driven Bank Fund, anchored by Microsoft and Truist, announces its first close of over $110 million. The more than 300 FDIC-insured Minority Depository Institutions and Community Development Financial Institution banks across the country are essential to expand access to financial services in unbanked and underbanked communities. The Fund will support MDIs and CDFIs through investments across assets, liabilities, equity, and off-balance sheet vehicles and offer technical services across strategic and operational areas. The Fund seeks to close the racial wealth and income gap by... Read more
Congratulations to the CDBA members United Bank and BankPlus for being included in American Banker's Best Banks list!
"The leaders of the 90 institutions that made the list value a number of key workplace traits. Trust, transparency and leading by example were cited by some of the executives as a priority. Clear communication was also touted as essential as an employer of choice. Generous benefits, especially paid time off to volunteer, was also a common theme. And of course, a bit of fun was had at many of this year's winners."
"Darrin L. Williams would like to clear up some misconceptions about his mission. As CEO of Southern Bancorp, Inc., one of America's oldest and largest community development financial institutions (CDFIs), he issues loans and works with clients in parts of Arkansas and Mississippi where traditional banks often fear to tread. But he still needs to make money.
'I get that a lot: "Oh, you're that nonprofit bank," says Williams. 'If we're a nonprofit bank, we're doing a bad job. We have to be profitable ... If there's no margin, it doesn't matter what our mission is.'"
The largest US banks with more than $5 billion in uninsured deposits at Dec. 31, 2022, will be subject to an eight-quarter payment under the Federal Deposit Insurance Corp.'s finalized special assessment. The announcement is in line with CDBA's position, stated in our July 20 comment letter, that requiring small, mission-focused banks to contribute to the special assessment would misdirect funds that would otherwise finance affordable housing, small business loans, and other essential activities in capital-starved areas.
"Plinqit, the first platform that brings together automated savings, data-driven financial wellness content and virtual account management, has partnered with Bankjoy, a leading digital banking provider for banks and credit unions across the U.S.
Plinqit's financial wellness and savings platform now integrates directly with Bankjoy's award-winning digital banking solution. Bankjoy's extensive client roster of banks and credit unions can easily embed Plinqit's intuitive and automated savings tools and data-driven educational content within their online and mobile banking experiences... Read more
"Community development financial institutions (CDFIs) are financial institutions with a mission to serve low- and moderate-income (LMI) individuals and communities. Since 2019, the Federal Reserve has fielded the national CDFI Survey to learn more about these institutions and how they are faring and evolving. This spring, we fielded the 2023 CDFI Survey and received responses from over 450 CDFIs nationwide. Survey results have shown that demand for CDFIs' products and services has continually grown for years. As a result, many institutions are looking to expand what they offer to their... Read more
"Dana Batterton is celebrating 35 wonderful years as an FNBC Community Banker today! Originally from Salem, Dana began her banking career in Little Rock before moving home and joining FNBC as an Auditor, Compliance Officer and Security Officer. Over the years, she has advanced and today serves as a valued member of our Executive Management Team and leads all aspects of risk management for the bank. Dana is a tremendous leader and teacher, and we are grateful for all the ways she pushes FNBC forward. Congratulations on your milestone anniversary, Dana!
"Five groups are angling to lead EPA's largest climate grant program in history, each pitching a different plan to convert billions of federal dollars into lasting change for people and the planet.
EPA has said it will only choose two or three applicants to run the National Clean Investment Fund (NCIF) — a $14 billion lending facility sometimes dubbed the national green bank. The stakes are high: NCIF is the largest program in the Greenhouse Gas Reduction Fund (GGRF), with a mission to provide affordable financing for tens of thousands of clean technology projects.
EPA is... Read more
"According to a new report released by the Federal Reserve Bank of New York, Community Development Financial Institutions (CDFIs) have grown rapidly in recent years. But as more money flows through the industry, it prompts the question if that growth will translate to support for the communities most in need of CDFIs' services: minority and low-income communities."
"President Joe Biden issued a new executive order on artificial intelligence — the U.S. government's first action of its kind — requiring new safety assessments, equity and civil rights guidance and research on AI's impact on the labor market.
While law enforcement agencies have warned that they're ready to apply existing law to abuses of AI and Congress has endeavored to learn more about the technology to craft new laws, the executive order could have a more immediate impact. Like all executive orders, it 'has the force of law,' according to a senior administration official who... Read more
"According to these QSRs, in a little more than six months, ECIP participants originated a total of approximately $26 billion in loans of which approximately 75%, or $19.4 billion, went to LMI borrowers, borrowers in rural communities, and other categories of Qualified Lending. Approximately one third of ECIP participants' total originations, or $8.6 billion, were Deep Impact Lending, loans made to the hardest-to-serve borrowers, including those that are low income, residents on Tribal lands and in US Territories, and owners of very small businesses."
Rep. Mike Johnson, R-La., secured the votes to be elected speaker Wednesday as the roll call was still underway.
It will bring to an end more than three weeks of disruption after the unprecedented removal of the former speaker, Rep. Kevin McCarthy, R-Calif., on Oct. 3.
Johnson was the fourth nominee for speaker this month, but the only one who could secure a House majority.
This Tuesday, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) released a final rule to "strengthen and modernize their regulations implementing the Community Reinvestment Act (CRA)."
While the revisions remain complex, and are certain to be controversial, several changes are positive for CDFI-certified banks and their communities. These include the following:
- Specific nationwide "community development" consideration for activities... Read more
"The agency is being pressed by some Republican members of Congress to fully pursue delinquent, pandemic-era loans handed to small borrowers. The SBA says it isn't cost effective.
The Small Business Administration continues to face heat for its decision to not fully pursue overdue pandemic-era loans. And some Republican members of Congress remain determined to recoup billions in delinquent funds."
"Today, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would accelerate a shift toward open banking, where consumers would have control over data about their financial lives and would gain new protections against companies misusing their data. The proposed Personal Financial Data Rights rule activates a dormant provision of law enacted by Congress more than a decade ago.
It would jumpstart competition by forbidding financial institutions from hoarding a person's data and by requiring companies to share data at the person's direction with other companies... Read more
"The New Haven Bank is opening its second branch this fall. The new branch will open at 636 Campbell Ave. in West Haven. Maureen A. Frank, President and Chief Executive Officer, told the Hartford Business Journal that the new branch will be open either later this month or in early November."
"The Senate voted 53-44 Wednesday to overturn a Consumer Financial Protection Bureau rule requiring personal information on small-business borrowers, including race and sex, from the financial institutions that lend to them.
Senate Minority Leader Mitch McConnell, R-KY., touted the resolution introduced by Sen. John Kennedy, R-La., under the Congressional Review Act as striking a blow to President Joe Biden's regulators. Resolutions under the CRA require only a simple majority in the Senate."