Recent News
Proposed Elimination of US Treasury Community Development Finance Fund will close off economic opportunity for millions of hardworking people in America’s hardest hit communities.
President Trump is expected to release his budget proposal tomorrow Thursday, March 16th. Calling for a dramatic $54 billion increase in military spending, he is expected to call for significant cuts to domestic discretionary funding, which ... Read more
CDBA along with partner banking trade associations: The American Bankers Association (ABA), Independent Community Bankers Association (ICBA), and the National Bankers Association (NBA) released a joint press letter calling for $250 million for the CDFI Fund, including $23 million for the BEA program in FY 2017 and $25 million for it in FY 2018.
This new podcast asks community members and organizations across the U.S. about the challenges they are facing and solutions they’ve found for significant social issues like economic mobility, affordable housing, small business development and community reinvestment. Each episode showcases successful programs that help provide access to opportunity for low- and moderate-income individuals and families. The latest episode, "Access to Community Ownership," features organizations helping manufactured home residents take ownership of their communities to improve economic stability and security... Read more
CDBA Member, Community Bank of the Bay, an Oakland, California-based CDFI recently announced the completion of a $12 million private placement, which will result in approximately $11.5 million of net proceeds to the Bank. As CEO William Keller shares, "This capital raise will allow Community Bank of the Bay to better meet the needs of our clients and the communities we serve. We are especially excited to be able to support in a greater way the dynamic growth that is occurring in Oakland, a community that we have been proud to serve for over twenty years... Read more
President Trump met with nine community bankers last week to discuss the needs of community banks within the greater framework of regulatory reform. On reflection of the meeting, Rep. Jeb Hensarling, Chairman of the House Financial Services Committee shared that, "It is encouraging to have a president who is listening to the concerns of community bankers who have been buried under an avalanche of burdensome regulations as a result of Dodd-Frank."
Concerned citizens around the country are closing their accounts with "Big Banks" either in protest of investments in controversial projects such as the Dakota Access pipeline or in support of a more localized form of community investment in the case of the #BankBlack movement. As Beneficial State CEO Kat Taylor shares, "We know how mass movements can start and increase and aggregate to something that moves hearts and minds - and markets."
Carver State Bank was established in 1927 and is the oldest bank headquartered in Savannah. This year, they are celebrating their 90th anniversary. Learn more about Carver in the profile written by bank President Robert E. James.
Urban Partnership Bank, a CDBA member and CDFI Bank is tackling Chicago's epidemic of violence by investing in local communities using their innovative commercial lending, small business and affordable housing products. And for the first time in 6 years, they are making a profit doing so.
Mission Valley Bancorp reported record high net earnings of $3.478 million for the year ended Dec. 31, 2016, up 11 percent from the previous year. President & CEO Tamara Gurney of Mission Valley Bancorp, a CDBA member, stated "2016 was a very good year for Mission Valley and as we enter into 2017, our balance sheet is well positioned to benefit from a higher interest rate environment. We have a sound, diversified balance sheet, a solid capital base to carry us forward and a tremendous team dedicated to our success and to the success of our clients and shareholders. Mission Valley... Read more
Supporters of the Community Development Financial Institutions Fund, are weighing the potential for budget cuts against the administration's interest in creating jobs and helping low-income communities. “Obviously there’s a concern about the future support” for the fund, said Jeannine Jacokes, executive director of the Community Development Bankers Association. Jacokes said she hopes that Treasury Secretary-designate Steven Mnuchin will realize that he “already has some proven and highly effective tools right under his nose at the CDFI Fund.”
Research regularly suggests that large numbers of investors are interested in the idea that their money could be put to use so that it has a positive impact on society and the world, as well as earning them a financial return. Barclays Bank research suggests 54 per cent of investors in the UK feel this way, while a separate Morgan Stanley study puts the figure at 71 per cent; amongst the millennial generation meanwhile, the latter research put interest levels at 84 per cent.
In honor of Black History Month, the executives of Carver Bancorp, parent company of Carver Federal Savings Bank, will ring The Nasdaq Stock Closing Bell today at4:00 pm Eastern. "As the first African-American managed bank to be listed on The Nasdaq Stock Market, it is befitting for Carver to ring the Closing Bell on the first Monday of Black History Month," remarked Carver's President and CEO Michael T. Pugh.
The CDFI Fund recently released a Data Review to accompany the Access to Capital and Credit in Native Communities report that discusses challenges and opportunities for Native consumers, Native business owners, and tribal communities and governments in accessing financial services. This data has been historically challenging to collect, and this report & data review are indicative of the CDFI Fund's commitment to holistic financial inclusion nationwide.
United Bank of Alabama has maintained its 5-Star Superior rating from Bauer Financial, which recognizes a bank's financial strength and performance based on their profitability, capital, level of delinquent loans, among other factors.
Virginia Community Capital strives to continually bring new and innovative opportunities to the Virginia residents. They have recently announced the creation of a Small Business Solar Loans program that will provide business financing for solar power assets with an initial rate of 2 percent, which is far below traditional interest rates for installing solar equipment. This program demonstrates VCC's commitment to the triple bottom line adhered to by many community development banks, balancing environmental sustainability, financial inclusion, and a profit motive.
Neighborhood Bancorp, parent of Neighborhood National Bank, recently announced that they successfully completed their recapitalizing. The oversubscribed offering raised $6.4 million and exceed the company's expectations.
Sunrise Bank CEO & CDBA Board Member David Reiling was named a Top 100 Thought Leader for the fourth consecutive year by Trust Across America, an organization seeks to build trust in corporate institutions. This award highlights Reilings positon as a globally known advocate for financial inclusion and empowerment of the underserved by providing innovative financial products and services.
Seaway Bank & Trust Company, the largest black-owned bank in Chicago, was closed on January 30th by the FDIC and taken over by the State Bank of Texas, the largest Indian-American-owned and operated bank. All 10 Seaway branches are expected to remain open and will continue operating under the Seaway brand.
Darrin Williams' recent opinion piece in the Arkansas Gazette extols the virtue of the Earned Income Tax Credit (EITC) program for low-income families and advocates for the passage of the Working Families Opportunity Act, which would create a statewide EITC program to accompany the federal program. Southern Bancorp, like many CDBA members participates in the Volunteer Income Tax Assistance program (VITA). Southern employees volunteer because they know that it supports their mission of creating economic opportunity for those who need it most.