American Samoa is finally getting its own full-service bank, and successfully creating only the second public bank in the United States. The Federal Reserve is allowing the Territorial Bank of American Samoa access to the U.S. payments system nearly two years after the bank applied. The decision is a boon to the remote U.S. territory in the South Pacific, where more than half of the households are at, near or below the federal poverty level. It is also a significant development for those far away from American Samoa. The chartering of a new public bank may provide momentum for similar efforts elsewhere. The only still operating public bank in the U.S., the Bank of North Dakota, was created a century ago. States like New Jersey and cities like Seattle and San Francisco are receptive to the idea of forming new public banks as a way to help the local economy.

Bloomington, Indiana has introduced itself as the first "CDFI Friendly City", in hopes of establishing a new model to bring national financing to local community development. CDFIs, which serve neighborhoods or groups the financial sector has historically neglected, have expanded in recent years but still aren't reaching many American cities. "More than a quarter of counties in the U.S. have had no CDFI lending in the five years between 2011 and 2015," says Brett Theodos, a principal research associate at the Urban Institute who studies on CDFIs. In December 2017, the Urban Institute released a report breaking down the types of state and local policy that are important for CDFIs to enter a market. There are significant challenges for smaller communities and more rural areas, according to Theodos.

On April 9, the Treasury Department debuted the first details of a new and far-reaching community-based tax incentive. In 18 states, newly designated zones could see a wave of new investment under a little-known provision of the recent tax overhaul. These opportunity zones are designed to lure investment to the nation's poorest urban, suburban, and rural communities with a powerful tax incentive. By the accounts of some experts, the program could deliver a vital injection to areas that haven't yet recovered from the Great Recession. Yet it could also fuel gentrification in those communities where too much opportunity, too fast, has led to rapid displacement.

In this article authored by Sunrise Banks CEO David Reiling, the possibility of an Amazon-branded checking account is discussed. Reiling examines whether the product can ceate positive social change, and suggests a potential partnership between Amazon and small, innovative banks in addition to larger institutions like JPMorgan Chase. "The key to disruption in any sector is agility," he wrote. "Big banks are far too clunky and siloed for the rapid adaptive innovation required."