Recent News
BOM Bank is opening Woodworth's first stand-alone full service bank. This will be the fifth location for BOM in the Rapides Parish, and means no more traveling for Woodworth residents.
BOM Bank won a $2 million loan for a train depot rehabilitation project. The Texas and Pacific Railway Depot has a deep connection to Natchitoches's African-American community. This rehabilitation project will preserve and commemorate that history.
U.S. Senator Mark Warner (D-VA) and co-chair of the new Community Development Finance Caucus spoke with American Banker about the future of community development, cybersecurity, and non-bank regulation.
To level the playing field among community bank charters, the Acting Comptroller announced a 40 percent reduction in assessment rates for all banks on their first $200 million in total balance sheet assets and a 20 percent reduction for all banks on balance sheet assets above $200 million and up to $20 billion.
In this op-ed, Beth Bafford of Calvert Impact Capital, reflects on the gap that CDFIs filled during the COVID-19 pandemic and how the industry requires more support for the critical work we do to create a "diversified and inclusive economy."
COVID-19 catapulted community development lending into a new level of prominence and importance in American finance. Jeannine Jacokes, CDBA CEO noted that in the very beginning the industry didn't have experience in terms of public policy advocacy. "Fast forward 30 years, and we have a caucus — that is a mind-blowing thing, because way back when, CDFIs were very much grassroots organizations. Many didn't get a lot of government funding from any source whatsoever," said Jacokes.
CEOs from Native banks discuss the importance of access to capital and assistance for their banks to thrive. Jeff Bowman of Bay Bank provided insight about how other CDFIs can support Native banks.
We are very sorry to report the death of Steve Schnall, CEO of CDBA member Quontic Bank. "Steve was a charismatic leader who inspired progress, got results, and managed to have fun along the way. He will be greatly missed," said George Lazaridis, co-founder and interim CEO.
For the sixth year in a row, Spring Bank in Bronx, New York received the Best for the World in Customers and Governance award from B Lab.
In order to complete preparations needed to deploy the new CDFI Certification Application and reporting tools, the CDFI Fund will pause acceptance of new CDFI Certification Applications and requests for Target Market modifications for a period of six months beginning on October 1, 2022.
Little Rock-based Southern Bancorp Inc. named LaTricia Hill-Chandler the company's new diversity, equity, and inclusion officer. With almost 30 years of experience in DEI work, CEO Darrin Williams called her "invaluable" as the company prepares for "growth that is reflective of our inclusive founding principles."
Virginia Community Capital developed the $10MM Economic Equity Fund to help small business owners who are women and/or Black, Indigenous, or People of Color and were disproportionately affected by the pandemic.
On June 16, 2022, staff from the Federal Reserve hosted an Ask the Fed® webinar on the ELE tool, which can be used to determine expected credit losses under CECL. A recording of the webinar can be accessed by clicking here. The ELE tool is an Excel-based tool that automates the Weighted-Average Remaining Maturity (WARM) method. The tool relies on a community financial institution's loan-level data and assumptions. The ELE tool is transparent and provides fully viewable code and formulas to allow community... Read more
The Federal Reserve Bank of Minneapolis invites you to a July 14, 2022, virtual discussion and listening session on how Community Reinvestment Act (CRA) proposed rulemaking could more effectively address the investment and credit needs of community development financial institutions (CDFIs), minority depository institutions (MDIs), and low-income credit unions (LICUs). Your feedback on the modernization process will help us ensure that regulatory changes lead to a more effective CRA. We encourage you to voice your comments and questions about the modernization proposal during this... Read more
Partners for the Common Good (PCG) seeks a creative candidate for the position of Graphics and Digital Communications Associate. The Associate will lead graphics work as well as support internal and external communications strategies, including news media. The position will also support member education, programming and impact analysis functions. PCG is a national community development organization with a mission to advance economic justice and racial equity among low-income people and people of color by partnering with and strengthening financial institutions that bring capital,... Read more
The National Football League (NFL) announced today its partnership with Contract with Black America Institute (CWBA), an economic inclusion-focused initiative led by artist and entrepreneur O'Shea Jackson, also known as Ice Cube. The CWBA and NFL partnership enhances the NFL's dedication to increasing economic equity and partnerships with Black owned businesses. The collaboration focuses on identifying League-wide opportunities in the financial, tech, and production sectors, with a concentration on increasing direct and indirect spend to national Black businesses to help close... Read more
Climate First Bank, a full-service FDIC-insured commercial bank focused on environmental sustainability, celebrates one year of operation this month. In just one year, the bank opened two branches and shattered its financial and ESG goals to achieve $211 million in assets, $142 million loans and $171 million deposits. In its second year, Climate First Bank will build upon this phenomenal financial performance with the opening of a temporary Lake County branch at 2755 E. Orange Avenue in Eustis, Florida (pending regulatory approval). Climate ... Read more
Financial wellness is a trending term in our industry but what does it really mean to banks, consumers, technology providers alike? Banks and fintechs are eager to acquire customers by claiming to improve their financial lives, however there's no clear cut way to do this. Every consumer has a different situation with different financial goals, so what are the right tools they need to reach those goals, and how can you put the pieces of the puzzle together at scale? This week's webinar, we will discuss all sides of the equation (banks, fintechs, technology providers) and how they are... Read more
The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) opened the fiscal year (FY) 2022 funding round for the CDFI Equitable Recovery Program (CDFI ERP) today. The program will provide approximately $1.73 billion in awards, which was included in the Consolidated Appropriations Act, 2021 (Pub. L. 116-260), to Certified Community Development Financial Institutions (CDFIs) to respond to the economic impact of the COVID-19 pandemic. The CDFI Fund is opening the program round for applications today in anticipation of publication of the Notice of... Read more
Mary Holmes, a retired resident of Jackson, Mississippi, is living comfortably in her home again after receiving funding from the Special Needs Assistance Program (SNAP) to replace her roof. After years of uncertainty about how she could afford to replace her aging roof, Ms. Holmes received a $7,000 SNAP subsidy from BankPlus and the Federal Home Loan Bank of Dallas (FHLB Dallas). The roof was leaking and in desperate need of replacement. “I’ve lived in this home for 42 years. It was brand new when I moved in, but as time has gone on, repairs have been needed and it is hard to do that... Read more