Recent News
Teri Williams, President and Chief Operating Officer of OneUnited Bank, penned an Op-Ed on why the #BankBlack Movement and the MDI community at large, is generating significant benefits for minority & LMI community nationwide.
Are you planning on applying for the 2017 CDFI Program Awards or NACA Program Awards? The CDFI Fund is tentatively planning to announce the opening of the application rounds in mid-February 2017. As there are significant changes to the FY 17 application, the CDFI Fund has published draft versions of the 2017 application to its website. Applicants should note that additional changes may still be made to the applications, and that a final version will be made available when the Notices... Read more
The Chief Retail Banking Officer is primarily responsible for the management, supervision, and direction of the retail/consumer products and services division for the purpose of growing loans and deposits, increasing fee income, and controlling expenses. Please circulate this job to any colleagues or contacts you think would be an excellent fit.
The benign credit environment and increase in bank stock value in the aftermath of the U.S. presidential election, has created favorable environment for small bank mergers and acquisitions. Analysts from S&P Global Market Intelligence forecast that the loan yield for small banks will expand by nearly 40 basis points in 2017.
Leveraging the power of social media, OneUnited Bank hosted a Q&A session with President & Chief Operation Officer Teri Williams and Trabian Shorters, the founder & CEO of the BMe Community. Click here to watch the recorded Facebook Live video.
Albina Community Bank is seeking a Senior Universal Banker to support with all over-the-counter banking services as well as with complying with banking laws & regulations.
Albina Community Bank and Beneficial State Bank are taking steps to increase impact in 2017 with several key leadership changes that build on the work of departing Albina CEO Cheryl Cebula. A 30-year banking veteran, Cebula joined Albina in 2003 and most recently returned the bank to strength and stability after the turbulent financial crisis. In preparation for Cebula’s March 31, 2017 departure to pursue other opportunities, her leadership roles are being assumed by Kat Taylor and Dan Skaff, co-CEOs of Beneficial State.
Listen to Lisa Servon, Professor of Urban Planning at the New School, discuss her new book, "The Unbanking of American" on NPR's Fresh Air. The book is an anthropological look at the world of informal banking alternatives targeted at low-moderate income communities. Dr. Servon immersed herself into this world and spent several months working a check-cashing business in the South Bronx and as a payday lender in Oakland.
CDFI-certified Citizens Bancshares is making progress exiting the Troubled Asset Relief Program (TARP). The $407 million-asset company paid about $3.2 million to redeem roughly 4,400 shares of preferred stock from the Treasury Department, representing a $152,000 discount. The company also paid about 11,000 to resolve all accrued and previously unpaid dividends. The Treasury still holds about 7,500 shares of Citizens' preferred stock.
Senate Democrats & Republicans alike have assigned new lawmakers to the Senate Banking Committee with Republican Senators David Perdue (GA), Thom Tillis (NC), John Kennedy (LA) and Democratic Senators Brian Schatz (HI), Chris Van Hollen (MD), and Catherine Cortez Masto (NV) have joined the panel for the 115th Congress. Democratic Senator Charles Schumer (NY) will depart to focus on his responsibilities as Senate minority leader.
This recent Next City article clearly articulates the value-proposition of community development banks, as financial institutions that take on a triple-bottom line approach, "providing social justice and environmental well-being at the same time as being financially sustainable." CDBA Member Beneficial State Bank is highlighted in the work they have done to attract customers who are focused on aligning their vision for an ethical economy with their personal finances.
Highlighting local coverage of Central Bank of Kansas City's seventh award under the New Market Tax Credit Program. To date they have allocated $251 million in credits on community development projects that support business growth and job creation.
The Treasury Department has significantly reduced its stake in Broadway Financial Corporation, the Banking Holding Company (BHC) of CDBA Member, Broadway Federal Bank in Los Angeles. The $413 million-asset bank recently disclosed in a regulatory filing that the Treasury sold about 4.7 million shares of its common stock, which reduced the Treasury's stake from 47.4% of total voting shares down to 29.3%.
This opinion piece focuses on the potential threats to CDFI Fund appropriations with proposed domestic discretionary spending cuts on the table in the 115th Congress and advocates for strong and coordinated action from the CDFI Industry as a whole to ensure the continuity of the funding stream.
Watch the video here.
CDBA Members are consistently on the cutting edge of new opportunities to maximize and publish the social impact that they are having in local communities across the country. Therefore it is fitting that City First Bank & Southern Bancorp are two of the first institutional members to join Mighty, a new platform that will help "small but powerful" banks to connect with potential depositors or investors, especially among the Millennial demographic, who are seeking a bank that makes a positive social impact.
The federal banking agencies recently issued final rules that permanently extend the on-site exam cycle from 12 months to 18 months for banks with up to $1 billion in assets, effective immediately. The rules are identical to interim final rules issued earlier this year.
One of the most important concepts to come out of the Promontory Network is the idea of reciprocal deposits, which allows the network to chop up a large deposits and distribute the funds among many small banks, stay within the government maximum and keeping the entire deposit on the books of the original bank. The FDIC's new 2016 rule that allows this category of deposits to now be considered under the definition of "core deposits" has lowered the cost of insuring these deposits for many small community banking institutions.
Deborah Wright, chairman and former CEO of Carver Federal Savings Bank, will join Citigroup's board on January 1, 2017. Wright's appointment to Citigroup's board extends the ties between the two landmark New York financial institutions. "Deborah led Carver Bank through the economic crisis that severely impacted community banks and it went on to earn a reputation as one of the most successful African-American led banking institutions in the country," Citi Chairman Michael O'Neil issued in a statement on Friday.
The US House of Representatives has recently passed an amendment to the Dodd-Frank legislation, which scraps the US$50bn asset threshold above which banks were previously considered “too big to fail” and therefore subjected to more stringent regulation. In its place, the bill proposes determining the systemic risk of each bank based on its size, interconnectedness, financial infrastructure, global cross-jurisdictional activity and complexity – a model based on the Basel Committee’s approach. The law still has to go through Senate before being presented to the president.