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The Community Development Bankers Association (CDBA) and National Bankers
Association (NBA) are proud to announce the launch of the Advancing Communities Together (ACT)
Deposit Program. This innovative initiative is designed to channel vital funding to banks serving
low-income and minority communities while also ensuring all deposits are eligible for FDIC insurance.
At launch, four major financial firms have deposited $35 million in the program, with additional deposits
anticipated from a broad range of depositors, including corporations, foundations, and universities.
"It has been my honor to serve at the FDIC as Chairman, Vice Chairman, and Director since August of 2005. Throughout that time I have faithfully carried out the critically important mission of the FDIC to maintain public confidence and stability in the banking system. In light of recent events, I am prepared to step down from my responsibilities once a successor is confirmed. Until that time, I will continue to fulfill my responsibilities as Chairman of the FDIC, including the transformation of the FDIC's workplace culture."
"CBC Bancorp, the holding company for Commercial Bank of California (CBC), announces it has entered into a definitive acquisition agreement with Bay Community Bancorp (OTC Pink: CBOBA), the holding company for Community Bank of the Bay (CBB). Under the terms of the agreement, CBC Bancorp will acquire Bay Community Bancorp in an all-cash transaction valued at $14.00 per common share. This acquisition merges institutions from two of California's largest banking markets, resulting in approximately $3.5 billion in combined assets.
'The alignment of our two institutions will create a unique banking franchise that better serves our employees and clients,' said Ash Patel, chairman of the board, CEO and president of Commercial Bank of California. 'Once we combine our two reputable banking platforms, it will create a transformative business bank with expanded product offerings driven by the purpose to serve our communities across California.'"
"The CFPB has announced that, in light of court orders in ongoing litigation, it plans to issue an interim final rule to extend the compliance dates set forth in the small business lending rule.
More information about the compliance date extension is available at www.consumerfinance.gov/1071-rule/."
"The Supreme Court ruled on Thursday that the Consumer Financial Protection Bureau's funding is constitutional and satisfies the requirements of the Appropriations Clause.
The majority 7-2 opinion by Justice Clarence Thomas was joined by Chief Justice John G. Roberts, Jr. and Justices Elena Kagan, Brett M. Kavanaugh, Sonia Sotomayor, Amy Coney Barrett and Ketanji Brown Jackson. A dissenting opinion was filed by Justice Samuel A. Alito, Jr., who was joined by Justice Neil M. Gorsuch. A separate concurring opinion was filed by Justice Kagan, joined by Justices Sotomayor, Kavanaugh and Barrett. Justice Jackson filed a separate concurring opinion."