News
CDBA Members are consistently on the cutting edge of new technology and opportunities to maximize and publicize the social impact they are having in local communities across the country. Naturally therefore it is fitting that City First Bank & Southern Bancorp are the two first institutional members to join Mighty, a new platform that will help "small but powerful" banks connect with potential depositors or investors who might be swayed to pick a bank based on positive social impact.
Although Google announced in May that it would ban all payday loan advertisements through its AdWords service, months after the policy was implemented brokers that connect borrowers to payday lenders still buy Google ads. They appear to have easily sidestepped the company's rules, leaving consumers still vulnerable to high-cost debt traps that can ruin their financial lives.
Kat Taylor, CEO of Beneficial State Bank, makes an impassioned case for an overhaul of banking sector regulations to ensure that the industry aligns with the values of corporate social responsibility in this opinion piece in the San Francisco Business Times.
With growing rancor over the Wells Fargo Scandal, the New York Times published a resource guide for those who want to switch from a big bank to a more community-focused option. The article features a quote from Kat Taylor, CEO of Beneficial State Bank and encourages readers to check out the CDBA website.
Congressman Bradley Byrne (R-AL) applauds United Bank of Alabama for securing the largest USDA Community Facilities Relending Program loan in the country. The $40 million will be deployed to benefit the rural Southwestern Alabama & Northwest Florida communities.
This Comment Letter provides guidance to the CFPB on mechanisms to promote product innovation that can offer responsible alternatives to payday loans and provides a wealth of examples of alternative small dollar loans products offered or piloted by CDFI Banks.
Congratulations to City First Bank of DC on an incredible conference on the intersection of Commerce, Culture, & Community Development.
As part of their Community Banking in the 21st Century Research and Policy Conference, held annually, the Federal Reserve releases a selection of research papers that examine conditions and performance in the sector. Read more to see a profile of the articles featured.
The question of how to develop a national or statewide banking strategy to assist the black community is of the utmost importance. This article in the American Banker promotes a solution that involves cooperation between federal regulators such as the Federal Reserve, Office of the Comptroller of the Currency and the FDIC to work jointly with black-owned banks to make the largest impact.
First American International Bank CEO Mark Ricca is quoted in this engaging article about the expansive and fast growing real estate market within the Chinese American community in New York City.