News
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 financial institutions to independently understand and verify the ELE tool. The ELE tool is intended for community financial institutions that have determined the WARM method is an appropriate method to use. Community financial institution management is responsible for ensuring that the method(s) used in the loss estimation process is appropriate for the financial institution's size, complexity, and risk profile.
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.
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, create opportunity, and build wealth in communities. We operate as a wholesale loan participation network with CDFIs across the United States.