Forbes | Sunday, November 19, 2023

"Darrin L. Williams would like to clear up some misconceptions about his mission. As CEO of Southern Bancorp, Inc., one of America's oldest and largest community development financial institutions (CDFIs), he issues loans and works with clients in parts of Arkansas and Mississippi where traditional banks often fear to tread. But he still needs to make money.

'I get that a lot: "Oh, you're that nonprofit bank," says Williams. 'If we're a nonprofit bank, we're doing a bad job. We have to be profitable ... If there's no margin, it doesn't matter what our mission is.'"

FDIC | Thursday, November 16, 2023

The largest US banks with more than $5 billion in uninsured deposits at Dec. 31, 2022, will be subject to an eight-quarter payment under the Federal Deposit Insurance Corp.'s finalized special assessment. The announcement is in line with CDBA's position, stated in our July 20 comment letter, that requiring small, mission-focused banks to contribute to the special assessment would misdirect funds that would otherwise finance affordable housing, small business loans, and other essential activities in capital-starved areas.

Yahoo! Finance | Wednesday, November 15, 2023

"Plinqit, the first platform that brings together automated savings, data-driven financial wellness content and virtual account management, has partnered with Bankjoy, a leading digital banking provider for banks and credit unions across the U.S.

Plinqit's financial wellness and savings platform now integrates directly with Bankjoy's award-winning digital banking solution. Bankjoy's extensive client roster of banks and credit unions can easily embed Plinqit's intuitive and automated savings tools and data-driven educational content within their online and mobile banking experiences. These institutions can leverage Plinqit's embedded financial wellness solutions to generate low-cost deposit growth while helping their members and customers save and spend wisely. As a result, more financial institutions can offer their account holders the tailored resources and support they need to live their best financial lives, right within their online or mobile banking app."

Federal Reserve Bank of Richmond | Thursday, November 9, 2023

"Community development financial institutions (CDFIs) are financial institutions with a mission to serve low- and moderate-income (LMI) individuals and communities. Since 2019, the Federal Reserve has fielded the national CDFI Survey to learn more about these institutions and how they are faring and evolving. This spring, we fielded the 2023 CDFI Survey and received responses from over 450 CDFIs nationwide. Survey results have shown that demand for CDFIs' products and services has continually grown for years. As a result, many institutions are looking to expand what they offer to their clients. This post explores how CDFI respondents in the Fifth District want to expand their product offerings."

Facebook | Tuesday, November 7, 2023

"Dana Batterton is celebrating 35 wonderful years as an FNBC Community Banker today! Originally from Salem, Dana began her banking career in Little Rock before moving home and joining FNBC as an Auditor, Compliance Officer and Security Officer. Over the years, she has advanced and today serves as a valued member of our Executive Management Team and leads all aspects of risk management for the bank. Dana is a tremendous leader and teacher, and we are grateful for all the ways she pushes FNBC forward. Congratulations on your milestone anniversary, Dana!

E&E News By Politico | Monday, November 6, 2023

"Five groups are angling to lead EPA's largest climate grant program in history, each pitching a different plan to convert billions of federal dollars into lasting change for people and the planet.

EPA has said it will only choose two or three applicants to run the National Clean Investment Fund (NCIF) — a $14 billion lending facility sometimes dubbed the national green bank. The stakes are high: NCIF is the largest program in the Greenhouse Gas Reduction Fund (GGRF), with a mission to provide affordable financing for tens of thousands of clean technology projects.

EPA is expected to announce awardees for GGRF programs — including the investment fund — by March. Totaling $27 billion, the funding aims to ensure that underserved communities reap the benefits of the green energy transition."

Next City | Tuesday, October 31, 2023

"According to a new report released by the Federal Reserve Bank of New York, Community Development Financial Institutions (CDFIs) have grown rapidly in recent years. But as more money flows through the industry, it prompts the question if that growth will translate to support for the communities most in need of CDFIs' services: minority and low-income communities."

CNBC | Monday, October 30, 2023

"President Joe Biden issued a new executive order on artificial intelligence — the U.S. government's first action of its kind — requiring new safety assessments, equity and civil rights guidance and research on AI's impact on the labor market.

While law enforcement agencies have warned that they're ready to apply existing law to abuses of AI and Congress has endeavored to learn more about the technology to craft new laws, the executive order could have a more immediate impact. Like all executive orders, it 'has the force of law,' according to a senior administration official who spoke with reporters on a call Sunday."

U.S. Department of Treasury | Wednesday, October 25, 2023

"According to these QSRs, in a little more than six months, ECIP participants originated a total of approximately $26 billion in loans of which approximately 75%, or $19.4 billion, went to LMI borrowers, borrowers in rural communities, and other categories of Qualified Lending. Approximately one third of ECIP participants' total originations, or $8.6 billion, were Deep Impact Lending, loans made to the hardest-to-serve borrowers, including those that are low income, residents on Tribal lands and in US Territories, and owners of very small businesses."

CQ | Wednesday, October 25, 2023

Rep. Mike Johnson, R-La., secured the votes to be elected speaker Wednesday as the roll call was still underway.

It will bring to an end more than three weeks of disruption after the unprecedented removal of the former speaker, Rep. Kevin McCarthy, R-Calif., on Oct. 3.

Johnson was the fourth nominee for speaker this month, but the only one who could secure a House majority.