"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 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."

"Senator Mark Warner (D-VA) released a letter to the Senate Appropriations Committee on Fiscal Year 2025 CDFI Fund appropriations. A total of 48 Senators signed the letter, which supported an appropriation of $325 million for the Fund. The letter includes 11 Members of the Appropriations Committee and 4 Republican Senators: Rounds (SD), Daines (MT), Crapo (ID), and Cassidy (LA). Sens. Crapo and Daines signed on the for the first time. Sens. Warner and Crapo are Co-Chairs of the Senate Bipartisan Community Development Finance Caucus. Other Caucus Members who signed include Klobuchar (D-MN), Ossoff (D-GA), Reed (D-RI), Smith (D-MN), Warnock (D-GA) Peters (D-MI), Hickenlooper (D-CO), Schatz (D-HI), Wyden (D-OR), Booker (D-NJ), Rounds, Cassidy, and Daines.

Last month, Representatives Barbara Lee (D-CA) and Don Bacon (R-IL) led the bipartisan House letter, which garnered 96 signatures. That letter requests $341 million, which is $17 million above the enacted FY 24 level for the CDFI Fund. Attached please find both letters.

To a remarkable degree, the FY 25 appropriations outlook is unsettled. Today House Appropriations Committee Chairman Cole (R-OK) reiterated that when the Committee begins marks in late May or June, the topline number for domestic programs will be $710 billion, as established in the Fiscal Responsibility Act (FRA) , Public Law 118-5, which is roughly $60 billion below the FY 24 level. The Senate Appropriations Committee has not yet indicated its approach, but it likely to propose a higher number for domestic programs than set in the FRA. Neither the House nor the Senate will complete appropriations bills by the end of the fiscal year. When it returns from the August recess, Congress is likely to pass a Continuing Resolution (CR). With elections approaching, Congress will adjourn at the end of September. After the election, a lame duck session will have long list of legislation to consider including appropriations, taxes, and the farm bill."

"Today, the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) opened the fiscal year (FY) 2024 funding round for the Bank Enterprise Award Program (BEA Program). Application materials are now available on the BEA Program page of the CDFI Fund's website in anticipation of the publication of the FY 2024 Notice of Funds Availability (NOFA) in the Federal Register on April 29, 2024. The FY 2024 BEA Program NOFA states that up to $40 million is available in awards to eligible Federal Deposit Insurance Corporation (FDIC)-insured depository institutions."