News
"The Senate on Wednesday confirmed former Rep. Lee Zeldin (R-N.Y.) to take the helm of the Environmental Protection Agency (EPA).
He was confirmed in a 56-42 vote. Democrats Mark Kelly (Ariz.), John Fetterman (Pa.) and Ruben Gallego (Ariz.) voted with Republicans in favor of his confirmation."
"The Federal Reserve has put its monetary-easing campaign on hold until further notice.
The Federal Open Market Committee opted to keep the target range for the federal funds rate between 4.25% and 4.5% during its meeting this week, ending its streak of cuts over the past three meetings.
The move, which had unanimous support from the FOMC's 12 voting members, was clearly signaled through speeches and public remarks in the weeks leading up to the meeting. Fed futures markets had largely priced in no change to the policy rate."
"President Donald Trump's budget office on Wednesday rescinded a memo freezing spending on federal loans and grants, less than two days after it sparked widespread confusion and legal challenges across the country.
The memo, which was issued Monday by the Office of Management and Budget, had frightened states, schools and organizations that rely on trillions of dollars from Washington."
"The U.S. Senate on Monday confirmed Scott Bessent to be President Donald Trump's Treasury secretary, giving the billionaire hedge fund manager a central role in shaping the new administration's policy ambitions around tax cuts and spending and managing economic relationships with allies and adversaries alike.
As the 79th Treasury secretary, Bessent will have sway over the nation's tax collections and its $28 trillion Treasury debt market, with vast influence over fiscal policy, financial regulations, international sanctions and investments from overseas.
The vote was 68-29, with 16 Democrats supporting the nomination."
"Today, President Donald J. Trump signed an Executive Order to establish regulatory clarity for digital financial technology and secure America's position as the world's leader in the digital asset economy, driving innovation and economic opportunity for all Americans...
...The Executive Order prohibits agencies from undertaking any action to establish, issue, or promote central bank digital currencies (CBDCs)."
"Spring Bank is proud to announce the grand opening of its newest branch in Red Hook, Brooklyn. This new location, 356 Van Brunt Street, Brooklyn, NY, will further our mission to expand access to financial services for consumers and small businesses in underserved neighborhoods.
Red Hook, a vibrant and diverse community, has faced challenges in accessing essential banking services and had previously been one of New York City's 'banking desserts.' Spring Bank aims to address this scarcity and provide residents and local businesses with financial tools and services to create wealth and financial security."
"Pulaski Savings Bank of Chicago, Ill. was closed today by the Illinois Department of Financial and Professional Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC entered into a purchase and assumption agreement with Millennium Bank of Des Plaines, Ill., to assume all deposits of Pulaski Savings Bank."
During Senate confirmation hearings yesterday, both Treasury nominee Scott Bessent and HUD nominee Scott Turner highlighted the critical role of CDFIs in expanding access to capital and driving economic development in underserved communities.
These mentions reflect the growing bipartisan recognition of the essential work CDFIs and CDFI banks do every day—and it's a testament to the incredible advocacy efforts of our members.
"Bessent expressed his commitment to working with Warner and other lawmakers to enhance the role of CDFIs in underserved communities.
'The early part of my career was as a financial services analyst, I believe that the breadth of the U.S. financial services industry is what differentiates the U.S. economy from the rest of the world,' Bessent said. 'The addition of these CDFIs into these underserved communities is very important.'"
"Today, Chairman Tim Scott (R-S.C.) released the U.S. Senate Committee on Banking, Housing, and Urban Affairs legislative and oversight priorities for the 119th Congress. As the first Black chair of a Senate standing committee, Chairman Scott will work tirelessly to increase financial inclusion and advance opportunity for Americans across the country.
'My goal for this Congress is simple: make America work for Americans. Over the last two years, we've led comprehensive solutions to serious challenges Americans face – from addressing our failed federal housing policies to increasing access to capital to bolstering our economic national security – and we can build on this success. As we begin the 119th Congress, I look forward to working with the Trump administration, and my colleagues on the committee, to find consensus and advance solutions that improve financial inclusion and create opportunity across the country. The American people gave Congress a mandate – let's get to work,' said Chairman Scott."
Congratulations to Kent Curtis, President and CEO of First Southwest Bank and Immediate Past Chairperson of the Community Development Bankers Association Board, on being recognized in the 2024 Who's Who in Impact Investing by the Denver Business Journal and the Impact Finance Center!
Under Kent's leadership, First Southwest Bank has exemplified the mission of a Community Development Financial Institution, dedicating itself to driving economic growth and providing equitable access to capital for underserved communities across Colorado. From securing CDFI certification in 2014 to creating the First Southwest Community Fund, Kent's vision and commitment to impact investing have fueled positive and lasting social and economic change.
As FSWB Board Chair Jennifer Ostenson said, "Kent's vision and passion for impact investing have made him a true thought leader, not just in Colorado but within the larger field of community development finance."
We're proud to have Kent as a valued leader at CDBA and celebrate this well-deserved recognition of his remarkable contributions to community development and impact finance.