News Topic: CDFIs

A recent bank failure and a new legislative effort are again drawing attention to the struggles of black-owned banks since the crisis — and the fact that only 21 are left. ... Read full article

Seeking to expand financial services access, tribal officials and some firms want regulators to award Community Reinvestment Act credit to any bank that funds projects in Native American communities. ... Read full article

The number of minority depository institution charters is declining even as their financial performance is going up, according to a new study by the FDIC. ... Read full article

Regional and community banks are working to finance the economic development districts created by the new law. But they have lots of questions about how the program works — and thoughts on how to improve it. ... Read full article

Robust public discussion from a diverse array of stakeholders has informed regulators working to reform the Community Reinvestment Act, but it has also included some misleading claims, writes a top OCC official. ... Read full article

The bank will fund community development financial institutions that lend to women-owned businesses backed by the fashion designer's foundation. ... Read full article

As Congress moves closer to its Dec. 21 deadline to keep the government funded, the outlook for more financial services regulatory relief continues to worsen. ... Read full article

Finance students at Marquette University will make loans to small businesses in Milwaukee from a revolving fund seeded by Town Bank and held on the books of a local CDFI. ... Read full article

Fair Financial, a digital banking platform developed by a Twin Cities nonprofit in partnership with a local bank, launched a pilot program this week. By 2020, it plans to serve 5,000 customers across the country. ... Read full article

Lawmakers should prioritize programs that improve economic development in underserved communities, as appropriators begin debating next year’s spending levels. ... Read full article

For many borrowers, near-guaranteed approvals and faster turnaround times are more important than the lower rates offered by banks and credit unions. ... Read full article

The Treasury's recommendations come as federal bank regulators have indicated they will soon release a proposal to reform Community Reinvestment Act policy. ... Read full article

HUD Secretary Ben Carson told lawmakers that overly rigid False Claims Act enforcement had forced lenders to suffer financially for what were just minor errors, but that lenders' fears of being sued were dissipating. ... Read full article

Banking and affordable housing advocates are encouraged by a provision in the tax reform legislation that could increase investment in underserved communities by allowing investors to defer capital gains taxes when they reinvest in federally chartered ... Read full article

The Trump administration’s 2019 budget highlights the administration’s goal of reining in the post-crisis regulatory apparatus, with proposed cuts for several agencies including the Consumer Financial Protection Bureau. ... Read full article

The Minneapolis bank is the first bank to join Community Reinvestment Fund's online service that matches small-business borrowers who don’t qualify for bank loans with community development financial institutions. ... Read full article

OneUnited is trimming branches and expanding digital offerings as it builds its brand as a backer of social justice that develops innovative products such as a Black-Lives-Matter-themed debit card. ... Read full article

Carver Bancorp, which has spent 70 years serving minorities in Harlem and surrounding neighborhoods, is struggling to turn a profit. As black-run banks nationwide struggle to stay afloat, Carver's CEO insists the institution is on the right track. ... Read full article