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 important conversation. You are also welcome to provide written comments about the proposal at any time before August 5, 2022.
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 America's racial and economic wealth gap. Driven by a strong internal commitment to diversify the NFL's business partnerships with organizations like CWBA, the League has spent and allocated $125 Million with Black owned and operated businesses such as Ariel Investments, CityFirst/Broadway Bank, Cover Communications, and Fearless Technology during the last year.
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 First Bank was first envisaged by banking veteran and environmentalist Ken LaRoe in 2020. Despite the economic turmoil caused by the COVID-19 pandemic, Climate First Bank raised an unprecedented $44 million in capital on a minimum subscription of $17 million. In June 2021, Climate First Bank’s flagship location in St. Petersburg opened to much enthusiasm.
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 working together to make a real impact on the financial lives of their customers. The panel will feature Ron Shevlin, Chief Research Officer at Cornerstone Advisors; Jason Henrichs, CEO at Alloy Labs; Sarah Austrin-Willis, Senior Director of Innovation at Financial Health Network, and Brian Blake, Director of Public Policy at CDBA
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 Funds Availability (NOFA) in the Federal Register on June 24, 2022. Through CDFI ERP, the CDFI Fund will provide Awards to Certified CDFIs to 1) expand lending, grant making and investment activities in Low- or Moderate-Income communities and to borrowers, including minorities, that have significant unmet capital or financial services needs and were disproportionately impacted by the COVID-19 pandemic; and 2) enable CDFIs to build organizational capacity and acquire technology, staff, and other tools necessary to accomplish the activities under a CDFI ERP Award. All Awards provided through this NOFA are subject to funding availability. The CDFI ERP Award may be expended for eligible activities such as financial products, financial services, development services and/or grants, and certain operational support activities as defined by the NOFA. All applications must be submitted to the CDFI Fund by August 23, 2022.