Recent News
In an op-ed for the New York Daily News, LISC president Denise Scott and Citi Foundation's Brandee McHale describe how efforts like LISC's HBCU internship program enrich the work of community investment while nurturing a new generation of diverse community development professionals.
"My hope is for this book to help the people in those and future examples to feel connected and properly informed about what's at stake and why efforts like these are so important to the future of our cities, this country, and the planet. Look out for it in your local bookstore (tentatively) in Fall 2024."
The US Securities and Exchange Commission is probing The Change Company, a California lender that pledges to promote homeownership in underserved communities, over its mortgage-backed securities, according to people with direct knowledge of the matter.
Judge Randy Crane of the US District Court for the Southern District of Texas placed an injunction Monday barring the CFPB from requiring Rio Bank of McAllen, Texas, and members of the Texas Bankers Association and American Bankers Association (ABA) to comply with the small business lending rule until the US Supreme Court rules on the CFPB's funding.
Regions Bank recently hosted the second annual CDFI Convening, attended by 25 CEOs and executives from Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) across the bank's footprint.
As he welcomed the group to Birmingham, Regions Head of Community Affairs Leroy Abrahams talked about the role these institutions serve in improving the financial health of our communities and why it's crucial for Regions to maintain close relationships with them.
As the opioid crisis continues to escalate, rural populations and historically disenfranchised populations have suffered particularly high mortality rates. Concerningly, those two demographics coincide in many American Indian communities, where a combination of geographic isolation and economic barriers can both exacerbate the problem and make receiving adequate treatment for addiction uniquely difficult.
But a recent partnership between Native American Bank and a North Dakota Tribe presents an innovative and promising solution to that concerning trend. The Bank is a CDFI owned and... Read more
You can watch Darrin Williams, CEO of Southern Bancorp discuss updates regarding the St Louis Fed, the impact of inflation on consumers, Southern Bancorp lending activity, deposit levels, and possible increase in capital requirements with Scarlet Fu and Romaine Bostick on Bloomberg Television.
Beneficial State Foundation has launched its Underwriting for Racial Justice Lender Pilot Program, a two-year endeavor composed of 20 diverse lenders focused on dismantling racially-inequitable underwriting practices in the financial industry and increasing capital access and wealth for people of color. CDBA member Texas National Bank is also participating. The pilot program aims to create new lending criteria for lower-income U.S. borrowers who have historically faced higher barriers to obtaining financing.
A key strategic partner is Stratyfy, a bias-mitigation firm that has twice... Read more
Beneficial State Foundation has launched its Underwriting for Racial Justice Lender Pilot Program, a two-year endeavor composed of 20 diverse lenders focused on dismantling racially-inequitable underwriting practices in the financial industry and increasing capital access and wealth for people of color. CDBA member Texas National Bank is also participating. The pilot program aims to create new lending criteria for lower-income U.S. borrowers who have historically faced higher barriers to obtaining financing.
A ket strategic partner is Stratyfy, a bias-mitigation firm that has twice... Read more
Optus Bank and Carver State Bank are quoted in a Marketplace article discussing banks' hesitation around Commercial Real Estate Loans despite office building sitting empty.
The CFPB released its Fair Lending Annual Report to Congress , describing their fair lending activities in enforcement and supervision; guidance and rulemaking; interagency coordination; and outreach and education for calendar year 2022.
Per Politico, DOJ's review of bank mergers will refocus its enforcement of American legal precedence by limiting big bank mergers to maintain as much competition as possible. The goal is to revive the DOJ's practice of issuing competitive factors reports. Going forward, the DOJ will look, for example, "to ensure that customers have the ability to choose among different types of lenders, such as retail banks, small business banks, and large- and mid-size business banks in any transaction."
Lillous Ann Shoemaker, president and general counsel of Magnolia State Bank, was recently appointed to The Federal Deposit Insurance Corporation Advisory Committee on Community Banking, which was established in 2009. Shoemaker is the first Mississippian to serve on the Advisory Committee.
The NFL announced $78 million in borrowing from 16 MDI's and CDFI's, 10 of which are CDBA members. The NFL is establishing relationships with diverse financial institutions to provide new economic opportunities typically only available to larger financial institutions and to increase the diversity of its banking partners. Additionally, the new business opportunities will help fund growth, increase investment back into the communities they serve and create broader visibility for the institutions themselves.
Several large banks and other companies and foundations have secured $1 billion of committed deposits for financial institutions that focus on underserved communities, but organizers say those efforts are still in their early stages.
CDBA Advocates for Environmental Justice in Marginalized Communities
The African American Alliance of CDFI CEOs (The Alliance) is excited to announce that Community Development Bankers Association (CDBA) has joined the Community Builders of Color Coalition (The Coalition). Together with CDBA, The Alliance and other Coalition members will fight... Read more
After an introduction through CDBA, Optus Bank partners with CNote's Impact Cash Program in order to increase deposit levels and elevate its visibility. "Impact Cash was exactly what Optus was looking for," said Dominik. "Finding a new source of deposits that came from impact-minded corporations at low cost balanced the equity investments we received and allowed us to turn out more investments into the community to create impact."
Senators John Hickenlooper (D-CO) and Bill Cassidy (R-LA) are the newest members of the Senate Caucus. The Newly formed caucus has already proved instrumental in guiding the national policy conversation - On January 19, Mark R. Warner (D-VA) and Mike Crapo (R-ID), co-chairs of the bipartisan Senate Community Development Finance Caucus (CDFC), sent a letter to U.S.... Read more
Climate First Bank CEO, Ken LaRoe, has published an open letter directed to state policy makers proposing and adopting new legislation to limit or prohibit state governments from ESG investment.
Lawmakers from both parties say the Federal Reserve needs legislative authority to issue a digital dollar, but the two sides have so far been unable to find a balance between privacy and security that could overcome the partisan divide.