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.
Clearinghouse CDFI will use funds from the $2 million investment to support affordable-housing and economic-development projects in communities and Native American reservations in California, Nevada and Arizona.
Mick Mulvaney, President Trump's likely interim head of the CFPB, has taken tough stances on the CFPB, its payday lending rule, housing finance reform and other issues pending before the agency.
Housing advocates are pressing Senate Republicans to expand the low-income housing tax credit program while pushing back against a House GOP plan that would eliminate financing for half of all affordable housing units.
Sterling Bancorp in New York is determined to turn Astoria Financial's largely residential operation into a commercial powerhouse. While investors are skeptical, CEO Jack Kopnisky has proven in the past that such an ambitious plan is doable.
The regulatory relief bill would raise the SIFI threshold to $250 billion of assets and allow mortgages held in portfolio to be counted as "qualified," among other items, but it is far less sweeping than institutions had hoped.
During the past year, many have hoped for action from Washington that can alleviate burden and stem the rapid pace of consolidation. But in the current political environment, that appears increasingly unlikely.
If CFPB Director Richard Cordray does not leave soon - as has been widely expected - it may be that he has used rumors of his possible political aspirations to successfully keep Trump from firing him.
