Recent News
"Senator Mark Warner (D-VA) released a letter to the Senate Appropriations Committee on Fiscal Year 2025 CDFI Fund appropriations. A total of 48 Senators signed the letter, which supported an appropriation of $325 million for the Fund. The letter includes 11 Members of the Appropriations Committee and 4 Republican Senators: Rounds (SD), Daines (MT), Crapo (ID), and Cassidy (LA). Sens. Crapo and Daines signed on the for the first time. Sens. Warner and Crapo are Co-Chairs of the Senate Bipartisan Community Development Finance Caucus. Other Caucus Members who signed include Klobuchar (D-MN... Read more
"The Federal Reserve Bank of New York today released a report quantifying sales of loans by Community Development Financial Institutions (CDFIs). The report, "Examining the Origination and Sale of Loans by Community Development Financial Institutions," finds the amount of loans originated by CDFIs more than doubled between 2018 and 2022, reaching $67 billion. The amount of loans sold by CDFIs also more than doubled during the same period, reaching $14.2 billion, the report finds."
"Today, the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) opened the fiscal year (FY) 2024 funding round for the Bank Enterprise Award Program (BEA Program). Application materials are now available on the BEA Program page of the CDFI Fund's website in anticipation of the publication of the FY 2024 Notice of Funds Availability (NOFA) in the Federal Register on April 29, 2024. The FY 2024 BEA Program NOFA states that up to $40 million is available in awards to eligible Federal Deposit Insurance Corporation (FDIC)-insured depository... Read more
CDBA would like to congratulate members John Lewis (Harbor Bank of Maryland) and Arturo Ortega (Freedom Bank) on being named to the FDIC's MDI Subcommittee to the Advisory Committee on Community Banking.
"The Federal Deposit Insurance Corporation (FDIC) today announced four new members of the agency's Minority Depository Institutions (MDI) Subcommittee to the Advisory Committee on Community Banking:
- John Tom Anderson, President and CEO, F&M Bank, Edmond, Oklahoma
- John Lewis, President and CEO, The Harbor Bank of Maryland, Baltimore, Maryland... Read more
"Today, Congressman Dave Joyce (OH-14) announced his appointment to serve as Chairman of the Financial Services and General Government (FSGG) Subcommittee on the House Appropriations Committee.
'I am honored to be appointed to such a critical and pivotal position on the Appropriations Committee. In this role, I will work with my colleagues to strengthen U.S. financial markets and ensure taxpayer dollars are spent responsibly. I thank Chairman Cole for entrusting me to lead our country back to a path of fiscal responsibility,' said Congressman Joyce.
The Financial Services and... Read more
Why it matters: Cole will be tasked with leading the powerful panel that oversees crafting government funding bills [including the Department of Treasury and CDFI Fund]
- The shuffle comes after Granger — who is set to retire at the end of this term —... Read more
"The Mission Driven Bank Fund today announced its initial investments in Community Development Financial Institution (CDFI) and Minority Depository Institution (MDI) banks committed to expanding financial services in underserved communities. The Fund aims to help close the racial wealth gap by meeting the banks' needs through below-market and flexible investment vehicles and subsidized technical services curated to build sustainable change for the sector.
The Fund, encouraged by the Federal Deposit Insurance Corporation (FDIC), and anchored by Microsoft and Truist, recently... Read more
The Justice Climate Fund, of which CDBA is a proud member, has been awarded a $940 million Clean Communities Investment Accelerator grant by the EPA!
CDBA, in partnership with Partners (PCG), will serve as the CDFI bank hub in coordinating these grants along with training and technical assistance. This role enables us to lead initiatives in environmentally friendly lending, providing a great opportunity to significantly benefit our communities.
"EPA announces eight selections under the Greenhouse Gas Reduction Fund's National Clean Investment Fund and Clean Communities... Read more
"The Community Development Financial Institutions Fund (CDFI Fund) is convening a meeting of the Community Development Advisory Board (the Advisory Board) from 1:30 p.m. to 4:30 p.m. Eastern Time on Thursday, April 11, 2024. The Advisory Board meeting will be held in Cash Room at the U.S. Department of the Treasury located at 1500 Pennsylvania Avenue, NW, Washington, DC 20220.
The function of the Advisory Board is to advise the Director of the CDFI Fund on the policies regarding the activities of the CDFI Fund. The Advisory Board does not advise the CDFI Fund on approving or... Read more
"On March 27, BankPlus and national disaster recovery nonprofit SBP, along with the City of New Orleans and partners, celebrated the groundbreaking of St. Claude Gardens II, a 39-unit affordable housing development aimed at fostering resilient, inclusive and sustainable housing opportunities in the Lower 9th Ward. The event took place at 2407 Tennessee Street.
BankPlus is providing a $6 million commercial real estate loan to help finance the project, and it is also investing in credits through the Low-Income Housing Tax Credit Program that will provide an additional funding source.... Read more
- "If your FDIC-insured bank or thrift is considering submitting an application to the upcoming fiscal year (FY) 2024 funding round for the Bank Enterprise Award Program (BEA Program), you may find the following information helpful as you plan.
- The CDFI Fund anticipates opening the FY 2024 BEA Program application round in the spring of 2024. This will ensure that the CDFI Fund can review the applications and announce awards in fall of 2024.
- Only banks and thrifts can apply for the BEA Program. Bank holding companies and other financial institutions are not eligible to... Read more
"The Community Development Financial Institutions Fund (CDFI Fund) is convening a meeting of the Community Development Advisory Board (the Advisory Board) from 1:30 p.m. to 4:30 p.m. Eastern Time on Thursday, April 11, 2024. The Advisory Board meeting will be held in Cash Room at the U.S. Department of the Treasury located at 1500 Pennsylvania Avenue, NW, Washington, DC 20220.
The function of the Advisory Board is to advise the Director of the CDFI Fund on the policies regarding the activities of the CDFI Fund. The Advisory Board does not advise the CDFI Fund on approving or... Read more
"President Biden on Saturday signed a $1.2 trillion government funding bill to stave off a government shutdown, capping a frenetic sprint by lawmakers to pass the final batch of appropriations measures.
Biden praised the measure as a compromise, and 'good news for the American people. This agreement represents a compromise, which means neither side got everything it wanted.'
The House passed the legislation Friday with a bipartisan 286-134 vote, which spurred a push among some conservatives to oust Speaker Mike Johnson (R-La.).
The bill passed the Senate in a 74-24... Read more
"House Appropriations Chairwoman Kay Granger (R-Texas) is stepping down as the head of the powerful panel, staff were informed on Friday, two sources told Axios.
Why it matters: Her decision comes shortly after the House passed its second minibus package.
- Granger, 81, announced last fall that she would not seek reelection for her congressional seat.
- She is the first Republican woman to lead the House Appropriations Committee.
The intrigue: Her exit tees up a race for the coveted gavel, with Appropriations members... Read more
"The Michigan Bankers Association recently named Kenneth Kelly, chairman and CEO of First Independence Bank, as the recipient of the 2024 MBA Banker of the Year award. Kelly is also vice chair of the ABA board.
Under Kelly's leadership, the Detroit-based minority depository institution has risen to become the seventh largest African American–controlled commercial bank in the country, according to MBA. Kelly led First Independence Bank's national expansion efforts with bank branches both in Detroit and in the Twin Cities through an unprecedented multi-bank collaborative effort. Over... Read more
"Federal bank regulatory agencies today jointly issued an interim final rule that extends the applicability date of certain provisions in their Community Reinvestment Act (CRA) final rule issued in October 2023. The agencies also requested comment on the extension.
To promote clarity and consistency, the agencies extended the applicability date of the facility-based assessment areas and public file provisions from April 1, 2024, to January 1, 2026. Therefore, banks will not have to make changes to their assessment areas or their public files as a result of the 2023 CRA final rule... Read more
"I've mentioned this in the past, but before I got into banking I used to be an environmental policy reporter, specifically covering hazardous waste and water quality policy issues. In environmental policy, a big part of the game is covering the courts because virtually every single rule the Environmental Protection Agency finalizes is challenged in court. A Supreme Court hearing is informally understood to be the final stage of the rulemaking process.
When I found my way into banking policy, one of the most noticeable differences was how infrequently banks sued their regulators —... Read more
"U.S. Senator Cindy Hyde-Smith (R-Miss.) today introduced a bill to encourage the formation of new banks in underserved and rural areas by easing federal regulatory restrictions that have stifled bank and capital availability in Mississippi and other states.
The Promoting Access to Capital in Underbanked Communities Act (S.3937) would encourage the formation of new de novo banks by instituting a three-year phase-in period during which newly-chartered banks would be given time to meet less stringent capital requirements as they adapt to a business model that aligns with the needs and... Read more
"House Majority Whip Tom Emmer talks about his fears for the future of small banks—and how to reverse course—and why his movement to ban the Fed from creating a CBDC has gained steam. He also tackles his predictions for the House elections this year, the CFPB's push against so-called "junk" fees and how he became one of the leading advocates for cryptocurrency in Congress."
"In remarks made Thursday to the Senate Banking Committee, Federal Reserve Chair Jerome Powell said, 'he expects some U.S. banks to fail in the coming months because of declining values and defaults in their commercial real estate loan portfolios.'
According to reporting by multiple outlets, including The Hill, Powell indicated that 'the risk is tied to small and midsized banks, and there is no systemic risk to the banking sector posed by the potential collapse of major institutions.'"