News
The US Securities and Exchange Commission is probing The Change Company, a California lender that pledges to promote homeownership in underserved communities, over its mortgage-backed securities, according to people with direct knowledge of the matter.
Judge Randy Crane of the US District Court for the Southern District of Texas placed an injunction Monday barring the CFPB from requiring Rio Bank of McAllen, Texas, and members of the Texas Bankers Association and American Bankers Association (ABA) to comply with the small business lending rule until the US Supreme Court rules on the CFPB's funding.
Regions Bank recently hosted the second annual CDFI Convening, attended by 25 CEOs and executives from Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) across the bank's footprint.
As he welcomed the group to Birmingham, Regions Head of Community Affairs Leroy Abrahams talked about the role these institutions serve in improving the financial health of our communities and why it's crucial for Regions to maintain close relationships with them.
As the opioid crisis continues to escalate, rural populations and historically disenfranchised populations have suffered particularly high mortality rates. Concerningly, those two demographics coincide in many American Indian communities, where a combination of geographic isolation and economic barriers can both exacerbate the problem and make receiving adequate treatment for addiction uniquely difficult.
But a recent partnership between Native American Bank and a North Dakota Tribe presents an innovative and promising solution to that concerning trend. The Bank is a CDFI owned and operated by Native Americans, which focuses on supporting Indigenous communities.
You can watch Darrin Williams, CEO of Southern Bancorp discuss updates regarding the St Louis Fed, the impact of inflation on consumers, Southern Bancorp lending activity, deposit levels, and possible increase in capital requirements with Scarlet Fu and Romaine Bostick on Bloomberg Television.
Beneficial State Foundation has launched its Underwriting for Racial Justice Lender Pilot Program, a two-year endeavor composed of 20 diverse lenders focused on dismantling racially-inequitable underwriting practices in the financial industry and increasing capital access and wealth for people of color. CDBA member Texas National Bank is also participating. The pilot program aims to create new lending criteria for lower-income U.S. borrowers who have historically faced higher barriers to obtaining financing.
A key strategic partner is Stratyfy, a bias-mitigation firm that has twice been highlighted by CDBA's Product Development Committee and was a guest presenter at the 2022 Peer Forum. Stratyfy and Beneficial State Foundation recently announced a partnership to leverage AI to promote equitable lending practices.
Beneficial State Foundation has launched its Underwriting for Racial Justice Lender Pilot Program, a two-year endeavor composed of 20 diverse lenders focused on dismantling racially-inequitable underwriting practices in the financial industry and increasing capital access and wealth for people of color. CDBA member Texas National Bank is also participating. The pilot program aims to create new lending criteria for lower-income U.S. borrowers who have historically faced higher barriers to obtaining financing.
A ket strategic partner is Stratyfy, a bias-mitigation firm that has twice been highlighted by CDBA's Product Development Committee and was a guest presenter at the 2022 Peer Forum. Stratyfy and Beneficial State Foundation recently announced a partnership to leverage AI to promote equitable lending practices.
Optus Bank and Carver State Bank are quoted in a Marketplace article discussing banks' hesitation around Commercial Real Estate Loans despite office building sitting empty.
The CFPB released its Fair Lending Annual Report to Congress , describing their fair lending activities in enforcement and supervision; guidance and rulemaking; interagency coordination; and outreach and education for calendar year 2022.
Per Politico, DOJ's review of bank mergers will refocus its enforcement of American legal precedence by limiting big bank mergers to maintain as much competition as possible. The goal is to revive the DOJ's practice of issuing competitive factors reports. Going forward, the DOJ will look, for example, "to ensure that customers have the ability to choose among different types of lenders, such as retail banks, small business banks, and large- and mid-size business banks in any transaction."