U.S. Senator Mark Warner (D-VA) and co-chair of the new Community Development Finance Caucus spoke with American Banker about the future of community development, cybersecurity, and non-bank regulation.
To level the playing field among community bank charters, the Acting Comptroller announced a 40 percent reduction in assessment rates for all banks on their first $200 million in total balance sheet assets and a 20 percent reduction for all banks on balance sheet assets above $200 million and up to $20 billion.
In this op-ed, Beth Bafford of Calvert Impact Capital, reflects on the gap that CDFIs filled during the COVID-19 pandemic and how the industry requires more support for the critical work we do to create a "diversified and inclusive economy."
COVID-19 catapulted community development lending into a new level of prominence and importance in American finance. Jeannine Jacokes, CDBA CEO noted that in the very beginning the industry didn't have experience in terms of public policy advocacy. "Fast forward 30 years, and we have a caucus — that is a mind-blowing thing, because way back when, CDFIs were very much grassroots organizations. Many didn't get a lot of government funding from any source whatsoever," said Jacokes.
CEOs from Native banks discuss the importance of access to capital and assistance for their banks to thrive. Jeff Bowman of Bay Bank provided insight about how other CDFIs can support Native banks.
We are very sorry to report the death of Steve Schnall, CEO of CDBA member Quontic Bank. "Steve was a charismatic leader who inspired progress, got results, and managed to have fun along the way. He will be greatly missed," said George Lazaridis, co-founder and interim CEO.
For the sixth year in a row, Spring Bank in Bronx, New York received the Best for the World in Customers and Governance award from B Lab.
In order to complete preparations needed to deploy the new CDFI Certification Application and reporting tools, the CDFI Fund will pause acceptance of new CDFI Certification Applications and requests for Target Market modifications for a period of six months beginning on October 1, 2022.
Little Rock-based Southern Bancorp Inc. named LaTricia Hill-Chandler the company's new diversity, equity, and inclusion officer. With almost 30 years of experience in DEI work, CEO Darrin Williams called her "invaluable" as the company prepares for "growth that is reflective of our inclusive founding principles."
Virginia Community Capital developed the $10MM Economic Equity Fund to help small business owners who are women and/or Black, Indigenous, or People of Color and were disproportionately affected by the pandemic.