Teri Williams is President & COO and owner of OneUnited Bank, the largest Black owned bank in the country and supporter of the #BankBlack and #BuyBlack Movement. She is responsible for the Bank's strategic initiatives, as well as the day to day operations, including all retail branches, marketing, compliance, lending, information technology, customer support, legal, and human resources. Ms. Williams brings 30 years of financial services expertise including Bank of America and American Express, where she was one of the youngest Vice Presidents.
The Credit Insecurity Index is a new tool that helps to provide a more comprehensive view of credit access and community credit health. By moving beyond metrics that traditionally focus on residents without a credit file or score, this Index incorporates an additional assessment of residents who are "credit constrained," that is, unlikely to obtain credit at choice to manage emergencies, take advantage of opportunities, or invest in one's future. The report, Unequal Access to Credit: The Hidden Impact of Credit Constraints, explains how the Index provides a more complete picture of communities' financial security by scoring credit insecurity for states and counties over time.
Sourced from the above New York Fed article, this map is a vivid depiction of credit inequality in the United States. The dark areas show counties where a large proportion of the population has no access to credit, while the lighter areas are considered "credit-assured" or "credit-likely."
Proposed changes to the Community Reinvestment Act could serve as a catalyst for banks to become more active in financing projects inside Opportunity Zones, according to some development experts. Opportunity Zones provide tax incentives to investors in development projects located low and moderate-income neighborhoods. Under proposed changes to the 42-year-old Community Reinvestment Act, any type of lending conducted in a low- or moderate-income census tract located within an in Opportunity Zones would qualify for CRA credit. Jeannine Jacokes, the CEO of the Community Development Bankers Association, said her biggest concern is that banks will focus only on projects that promise the highest and fastest return on investment. "This will encourage banks to do things in Opportunity Zones, but it will exacerbate the concerns about gentrification," she said.
City First Bank is thrilled to welcome Annie Donovan to the bank's Board of Directors. Donovan currently serves as Chief Operating Officer of Local Initiatives Support Corporation (LISC), a national nonprofit that works with community-based partners to make investments in housing, businesses, jobs, education, safety and health. "We are extremely fortunate to have the benefit of Annie's extraordinary leadership; impressive intellect; and deep experience with innovative and successful approaches for developing healthy, sustainable communities," said Brian E. Argrett, President and CEO of City First. "Her current and past work are in seamless alignment with City First's mission and values."
Although his own Treasury Department calls the Community Development Financial Institutions program a "thriving model of public-private partnership," President Trump on Monday once again proposed eliminating the program. The proposal was included in the Trump Administration's $4.8 Trillion FY21 budget released Monday. This year, the program received a $12 million increase, to $262 million, in the end-of-year spending deal enacted in December. The proposed cuts came even after Treasury Secretary Steven Mnuchin told a House appropriations subcommittee in April that the administration had not conducted research into the program's impact.
CDBA members VCC, Sunrise Banks, Beneficial State Bank, and Amalgamated Bank have been awarded Real Leaders Impact Awards. These awards honor the 100 top impact companies applying capitalism for greater profit and greater good. It's the annual ranking of positive impact companies in the world. These companies are driving a dynamic segment of the economy, bearing a new vision of capitalism that demonstrates every transaction is an opportunity for growth and a better world.
The Marketing AI Strategy Project Intern will conduct market and audience research to develop, build and implement solutions for increasing loan growth for a specific bank offered product. Additionally, they will assist the Impact Team with other tasks as needed in areas such as marketing support, internal communications, writing and/or customer experience.
Sunrise Banks Chief Brand Officer Becca Hoeft has received Ragan's Top Women in Communication Award, an honor that recognizes female communicators advancing their profession and accelerating growth for their organization. Hoeft was recognized in the "Leader" category and among roughly 100 other winners from major companies across the globe, including Aflac, Best Buy, Amazon, The FBI and Cisco. According to Ragan, the award is given to those who inspire others and are "changing the narrative" in the communications and public relations sector.
Backed by guarantee commitments from 10 philanthropic organizations across the United States and a large health care system, the Community Investment Guarantee Pool (the Pool) announced its formation. Guarantees are unfunded commitments from an organization's endowment that offer risk mitigation. The Pool, with guarantee commitments totaling $33.1 million, is a new tool for community development finance and the first of its kind in the U.S. It is expected to catalyze more than $150 million in new community investments in small businesses, climate and affordable housing. LOCUS Impact Investing (LOCUS), a subsidiary of Virginia Community Capital, will serve as the program manager working with the investors, underwriting guarantee commitments as well as monitoring and managing the portfolio for both impact and risk.