News
The 109-year-old M & F Bank has long served as a catalyst for community economic development in Durham, North Carolina. Building off the bank's long-standing history, President & CEO James Sills discusses future opportunities for growth and diversification, positioning the bank to remain as an industry leader throughout the 21st century.
CDBA Members: Beneficial State Bank, Sunrise Banks, and Virginia Community Capital, earned the distinct honor of being ranked as a "B Corp Best for the World" company as they scored in the top 10% of all Certified B Corporations on the B Impact Assessment, a rigorous and comprehensive assessment of a company's impact on its workers, community, and the environment. Read more to access the full list of awardees.
The open comment period on the CPFB's proposed regulations targeting payday loan lenders, has led to reports of duplicative letters from allegedly distinct individuals or organizations. These letters have come under scrutiny in the past several weeks as 49 of the 220 submitted online comments contain similar content.
CDBA Member Virginia Community Capital tied for first place in the 2016 CDFI Prize Competition for their innovative new social enterprise, Direct Investing for Good. This new organization will provide financial services for foundations interested in investing directly in CDFIs.
Rep. Patrick McHenry (R, NC-10) recently introduced legislation to create a regulatory structure for the emerging technology in the financial industry. McHenry warns that if the US government does not work quickly and decisively that the US will suffer the potential of losing a global competitive edge in FinTech.
The Consumer Financial Protection Bureau (CFPB)'s ability to regulate the banking industry and ensure adequate protections for consumers' nationwide is under scrutiny as Republicans and Democrats alike consider a new future for the agency amidst the Wells Fargo false account scandal.
Homeownership is a crucial step to building wealth, but for many in rural communities, this component of the American dream can often be very elusive. Consumer-focused banks that provide home loans to homebuyers are scarce and rural families are more likely to be impoverished than the rest of the families, with about half of them spending 50% of their monthly income on rent, according to the Housing Assistance Council.
The fight for fair lending got a big boost on Aug. 31 when a federal court rejected a payday loan collector’s attempt to evade consumer laws. The decision against CashCall, a California-based online payday and installment lender, upheld the Consumer Financial Protection Bureau’s authority to investigate and fine lenders for unfair, abusive or deceptive practices. The court ruling is a key step in a legal battle that began nearly three years ago.
The B Corp Best for the World List recognizes those companies creating the most impact for a better world. Sunrise Banks and Beneficial State Bank were both named as honorees.