Virginia Community Capital (VCC) has announced the hiring of Amir Kirkwood, formerly of Opportunity Finance Network (OFN), as its new president and CEO. In January, founding executive director Jane Henderson announced her plans to retire after four decades in the banking industry. VCC, a community development financial institution (CDFI), was born out of a $15 million investment and a vision for an institution that served Virginia's economically excluded communities. The organization has driven $1.8 billion in total impact in the Commonwealth since its launch in 2006. This includes nearly 12,000 jobs created or retained and over 10,000 affordable housing units financed. In addition, VCC subsidiary LOCUS Impact Investing has worked with mission-driven philanthropic organizations across the nation to unlock $57.8 million in funds committed to communities since 2017.

Banks and credit unions oppose federal proposals to let the Small Business Administration make some 7(a) loans directly in addition to its traditional role of guaranteeing credits extended by private lenders. The Biden administration's $3.5 trillion spending package would give the SBA nearly $4.5 billion to make 7(a) loans of $150,000 or less directly to borrowers. The cap for direct loans to manufacturers would be $1 million. Legislation approved by the House Small Business Committee last week included an option for the SBA to originate small 7(a) loans "through partnerships with third parties" — which presumably could include some banks and credit unions. At the same time, the bill would authorize SBA "to originate and disburse direct loans." With details still in short supply, Ian McKendry, a spokesman for the American Bankers Association, said in a statement that his group "want[s] to better understand why it makes sense to create a direct lending program to compete with banks that are already meeting demand for 7(a) loans." “It could have the unintended effect of making it more difficult for some lenders to continue participation in the 7(a) program,” McKendry said.

"My mom always told me to be careful what you pray for," says Damon Jenkins, as he steps into banking history as leader for Minnesota's first Black-owned and Black-controlled full service bank. Jenkins has joined Detroit's First Independence Bank to head the financial institution's Minnesota expansion this fall. The banking venture is in part a response to the tragic murder of George Floyd in Minneapolis last year. And because the incident took place in the neighborhood he grew up in, Jenkins says the tragedy hit him hard. Jenkins’ prayers and preparation landed him his new role as First Independence Bank senior vice president and regional consultant for the Twin Cities. In this role, he will direct all facets of operations for the retail branch offices in the Minneapolis area.

The Office of the Comptroller of the Currency (OCC) is soliciting comments on proposed rules to rescind the Community Reinvestment Act (CRA) rule issued in 2020 and replace it with rules adopted jointly by the Federal banking agencies in 1995, as amended. This action facilitates the ongoing interagency work to modernize the CRA regulatory framework and promote consistency for all insured depository institutions. The proposed rules would apply to all national banks and all federal and state savings associations. Comments must be received on or before October 29, 2021.