This Social Impact report recently released by Sunrise Banks is an exemplary illustration of how to use data to demonstrate a measurable commitment to community economic development.
The Center for Financial Services Innovation (CFSI) was featured prominently in JP Morgan CEO's annual shareholder letter over their cutting edge FinTech Incubator, Financial Solutions Lab. So far they have supported 18 companies that have gone on to collectively raise $100 million in follow-on-capital, including Propel, which simplifies the process of getting food stamps, and Remedy, whose software aims to help consumers avoid overpaying on their medical bills.
A new report entitled Looking for Progress in America's Smaller Legacy Cities documents study visits to Chattanooga, Tennessee; Cedar Rapids, Iowa; Rochester, New York; and Grand Rapids, Michigan - all cities that have experienced some revitalization since the sharp national decline in economic activity during the late 2000s. The aim of the report is to help guide representatives of organizations that fund projects in specific geographic areas - often referred to as "place based funders." These funders can play an important role in helping residents of growing cities access broader economic opportunity.
The Washington Post covers the phenomenon of the #BankBlack movement taking hold across the country. The first black-owned bank to offer internet banking, CDBA Member OneUnited, was well positioned to take advantage of this wave with its mobile and online services, adding $6.7 million in deposits in the second half of 2016, according to FDIC records. As Teri Williams, OneUnited's President and Chief Operating Officer shares, "It reflects a change in the understanding of the power of our dollars and the fact that we need to use our money more purposefully."
Beneficial State Bank demonstrates their commitment to a triple bottom line of community, profit, and environmental sustainability at their recent art event, which brought together groups who on the surface appeared to have quite disparate interests.
Immediate Cuts to the US Treasury Community Development Financial Institutions Fund (CDFI Fund) will imperil economic propsects for millions in America's most distressed rural, urban and Native American communities.
Watch Federal Reserve Chairman Janet Yellen praise the CDFI Fund in this video.
United Bank of Philadelphia has much to celebrate as they enter into their 25th year. Coinciding with their celebration, Fulton Financial Corporation announced an investment of $675,000, which represents an investment equal to approximately 19.86% of United's total capital on a pro forma basis. Fulton credits this investment due to United's deep involvement in the advancement of minority owned businesses in Philadelphia.
Community Bank of the Bay and its long time client, community nonprofit, Disability Rights Advocates (DRA) jointly announced today that through the generosity of one of the bank's founding shareholders, 10,000 shares of its common stock were donated to help establish the Larry Paradis Legacy Fund, named after DRA's founder who passed away in 2016.
The CDFI Fund is one of the few bipartisan solutions agreed upon by industry and consumer advocates. In a recent hearing on de novo institutions, Representative Keith Ellison spoke eloqunetly about the need for the continued existence of the CDFI Fund.