News
City First Bank is pleased to announce several new board and executive team appointments, including The Honorable Marie C. Johns, Ms. Shannon Herbert, Mr. Tom Nida, and more. "The last several years have seen robust growth at City First Bank. Adding this level of leadership to our already very talented team allows us to better serve our clients and community," says City First Bank President and CEO Brian E. Argrett. "Our talented leadership team members help us to equitably advance our communities. We are delighted to have them on board."
Southern Bancorp has announced its opposition to a proposed rule change by the Consumer Financial Protection Bureau. Some consumer advocates say the change would water down the rules that prevent payday loan operators and other predatory lenders from pushing high-interest loans on unwitting borrowers. "As a CDFI, Southern Bancorp focuses our efforts in [the] rural, low-income communities in which we see the devastating effects of predatory loans," said Southern Bancorp CEO Darrin Williams. "We support the original rule and encourage the CFPB to reconsider rescinding it so that families in Arkansas, Mississippi, and beyond can access credit responsibly."
Many cite regional inequality as the cause of many problems facing the United States. However, the problem may more accurately stem from inequality within, not between, each region. According to new findings pulling from Census data and extensive research, regional inequality contributes very little to total inequality. In other words, the differences between people within a city like Los Angeles are a lot sharper than the differences between residents of California and residents of Mississippi.
Opportunity Zones offer an attractive investment incentive for low-income communities, with the intent being that these investments will have a positive social impact. However, the law does not require a means of measuring the impact. To meet this need, the U.S. Impact Investing Alliance has developed a framework for ensuring positive results. "Opportunity Zones represent a once-in-a-generation opportunity to spur private investment into America's distressed communities," said Fran Seegull, executive director of the U.S. Impact Investing Alliance. "However...it is important that those entering this market remain committed to transparency and community engagement."
Earlier this month, UB Community Development, a partner of United Bank, provided Capital Magnet Funds to the Community Action Partnership of North Alabama (CAPNA) and The Bennett Group to be used for the construction of The Village, a 56-unit, affordable multi-family project. "Rising construction costs and falling equity prices were going to leave us with a significant gap in funding," said Dave Truitt, director of real estate at CAPNA. "Due to UBCD and United Bank providing the Capital Magnet funds for our project, we were able to close our gap in financing and...provide 56 units of safe, beautiful, and affordable housing for seniors in Moody."
In celebration of this year's Black History Month, OneUnited Bank, the largest Black owned bank in the United States, recently launched its Royalty Campaign by introducing its new King Visa Debit Card. "We agree with James Baldwin," states Teri Williams, President & COO. "Our crown has already been bought and paid for. All we have to do is wear it." The bank acknowledges respected public figures such as Aretha Franklin, Dr. Martin Luther King, and Lebron James as inspirations behind the card.
This month, representatives from BankPlus joined the Federal Home Loan Bank of Dallas and local dignitaries to award over $40,000 in Partnership Grant Program (PGP) funds to three local nonprofits. "BankPlus takes pride in its commitment to the community, and contributing to different groups and causes," said Mark Ouellette, first vice president and director of affordable housing at BankPlus. "What better way to do this than to exercise our partnership with FHLB Dallas to make positive impacts to the lives of many."
As CDBA grows, we would like to extend a warm welcome to Cassandra Brzezinski, our new Public Policy Director. Cassandra comes to CDBA after working as a Legislative Aide for the Office of Senator Joe Donnelly, where she handled banking, tax, trade, and labor issues. In May of 2018, she completed her Master's in Economics from the University of Maryland. Prior to that, she spent five years in the banking industry, in commercial treasury management sales, and in mortgage operations. Cassandra, alongside Hayley Roth, will work with CDBA member banks on advocacy and government relations.
This week's CDBA Storybank video highlights Pan American Bank & Trust in Chicago, Illinois. Its featured client, Evans Electric, is an electrical contractor specializing in providing high-tech, quality solutions to its commercial, industrial, and residential client base throughout the city. "This has been a dream realized for me," says Evans Electric co-owner Mike Evans.
As technology changes many aspects of our lives completely, many are also making strides in introducing groundbreaking innovations in the financial sector. These new developments include "regulatory sandboxes" allowing firms to test innovative products with regulators, new "regtech" advancements promising to simplify regulatory procedure and reporting, changes in the cryptocurrency space to bolster their legitimacy and bring them into the regulatory fold, as well as the entrance of big tech companies such as Amazon into the finance space.