Recent News
"Spring Bank is proud to announce the grand opening of its newest branch in Red Hook, Brooklyn. This new location, 356 Van Brunt Street, Brooklyn, NY, will further our mission to expand access to financial services for consumers and small businesses in underserved neighborhoods.
Red Hook, a vibrant and diverse community, has faced challenges in accessing essential banking services and had previously been one of New York City's 'banking desserts.' Spring Bank aims to address this scarcity and provide residents and local businesses with financial tools and services to create wealth... Read more
"Pulaski Savings Bank of Chicago, Ill. was closed today by the Illinois Department of Financial and Professional Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC entered into a purchase and assumption agreement with Millennium Bank of Des Plaines, Ill., to assume all deposits of Pulaski Savings Bank."
During Senate confirmation hearings yesterday, both Treasury nominee Scott Bessent and HUD nominee Scott Turner highlighted the critical role of CDFIs in expanding access to capital and driving economic development in underserved communities.
These mentions reflect the growing bipartisan recognition of the essential work CDFIs and CDFI banks do every day—and it's a testament to the incredible advocacy efforts of our members.
"Bessent expressed his commitment to working with Warner and other lawmakers to enhance the role of CDFIs in underserved communities.
'The early... Read more
"Today, Chairman Tim Scott (R-S.C.) released the U.S. Senate Committee on Banking, Housing, and Urban Affairs legislative and oversight priorities for the 119th Congress. As the first Black chair of a Senate standing committee, Chairman Scott will work tirelessly to increase financial inclusion and advance opportunity for Americans across the country.
'My goal for this Congress is simple: make America work for Americans. Over the last two years, we've led comprehensive solutions to serious challenges Americans face – from addressing our failed federal housing policies to increasing... Read more
Congratulations to Kent Curtis, President and CEO of First Southwest Bank and Immediate Past Chairperson of the Community Development Bankers Association Board, on being recognized in the 2024 Who's Who in Impact Investing by the Denver Business Journal and the Impact Finance Center!
Under Kent's leadership, First Southwest Bank has exemplified the mission of a Community Development Financial Institution, dedicating itself to driving economic growth and providing equitable access to capital for underserved communities across Colorado. From securing CDFI certification in 2014 to... Read more
"Federal Deposit Insurance Corp. Vice Chair Travis Hill, poised to lead the agency, outlined his priorities, including minimizing the regulatory burden on banks, distancing the agency from climate-related rules and politically motivated oversight like Operation Choke Point, and fostering a friendlier environment for digital assets.
In his remarks — delivered to a crowd at the American Bar Association's Banking Law Committee Meeting on Friday — Hill shed light on the path forward for a key regulatory issue in banking: the Basel III endgame capital requirements set to be revisited... Read more
"The Federal Reserve's resident voice of dissent to Biden-era bank policy is calling for 'pragmatism as a guiding principle' to regulation and supervision under President-elect Donald Trump.
In a speech on Thursday, Fed Gov. Michelle Bowman said she was 'optimistic' that the change in administration will open the door for a more collaborative dynamic between banks and the agencies that oversee them."
"Less than two weeks from today, the Trump administration will return to power after a four-year hiatus. Keeping the potential of deep resistance movements in mind, here are seven economic justice storylines I'll be following over these next few years. There will be a lot to resist, but also some previous work to keep building on."
"The Federal Reserve Board announced on Monday that Michael S. Barr will step down from his position as Federal Reserve Board Vice Chair for Supervision, effective February 28, 2025, or such earlier time as a successor is confirmed. Barr will continue to serve as a member of the Federal Reserve Board of Governors."
"State Street Corp. completed its $100 million initiative launched earlier in 2024 by placing additional deposits through three Minority Depository Institutions (MDIs) and Community Development Financial Institutions (CDFIs) — New Orleans, Louisiana-based Liberty Bank and Trust Co., Denver-based Native American Bank NA and Saint Paul, Minnesota-based Sunrise Banks NA.
In February, the company announced a goal to invest $100 million to facilitate low-cost, stable deposit funding to MDIs and CDFIs. State Street said the investment aligns with its broader business strategy to expand... Read more
"Evan Weinberger, the banking reporter at Bloomberg Law, talks about the Trump administration's trial balloon to eliminate the FDIC or combine regulatory agencies. He also goes in-depth on the various fights the CFPB is engaged in, how the Trump administration could choose to tackle them, and what that would mean for banks."
"The Mission Driven Bank Fund (MDBF) today announced that all seven portfolio banks are actively participating in its technical services program, which provides targeted support to the Fund's portfolio banks to build organizational capacity. The participation rate is well above the program's 75% goal.
All MDBF portfolio banks have access to the technical services program upon a capital investment. The program, designed to be collaborative, has two key goals. The first is to promote sustainability by strengthening the bank's financial performance and building staff capacity. The... Read more
"House Republican leaders on Thursday choose Rep. French Hill (R-Ark.) to lead the House Financial Services Committee in the 119th Congress...
Hill was selected to lead the Financial Services panel, over Reps. Andy Barr (R-Ky.), Frank Lucas (R-Okla.) and Bill Huizenga (R-Mich.), according to two sources in the room of leaders who made the decision. Hill won on the second ballot after Lucas dropped off on the first ballot, one source said."
"The Consumer Financial Protection Bureau (CFPB) amends Regulations E and Z to update regulatory exceptions for overdraft credit provided by very large financial institutions, thereby ensuring that these extensions of overdraft credit adhere to consumer protections required of similarly situated products, unless the overdraft fee is a small amount that only recovers estimated costs and losses. The rule allows consumers to better comparison shop across credit products and provides substantive protections that apply to other consumer credit."
"The Consumer Financial Protection Bureau released a final overdraft rule that caps overdraft fees at $5 for the largest banks. The sweeping rule immediately drew a legal challenge from bank trade groups.
The CFPB said in a final rule issued Thursday, that it will reclassify overdraft fees as loans subject to interest rate disclosures under the Truth in Lending Act. The rule would apply only to the largest banks and credit unions with more than $10 billion in assets, impacting roughly 175 financial institutions.
The Consumer Bankers Association said late Thursday that it is... Read more
"The Trump transition team has started to explore pathways to dramatically shrink, consolidate or even eliminate the top bank watchdogs in Washington.
In recent interviews with potential nominees to lead bank regulatory agencies, President-elect Donald Trump's advisers and officials from his newfound Department of Government Efficiency have, for example, asked whether he could abolish the Federal Deposit Insurance Corp., people familiar with the matter said.
Advisers have asked the nominees under consideration for the FDIC, as well as the Office of the Comptroller of the... Read more
"The Mission Driven Bank Fund today announced an investment in FNBC Bancorp, Inc., a community development financial institution (CDFI) bank committed to expanding financial services in underserved communities in Arkansas and Missouri. The investment adds to the growing portfolio of banks that demonstrate the Fund's commitment to help the underserved by providing mission-aligned banks with a range of investment instruments and subsidized technical services tailored to their needs.
FNBC Bancorp, Inc. will use the capital to expand its geographic footprint and scope in North-Central... Read more
"Federally assisted rental housing relies on subsidies that help housing providers build, operate and maintain affordable homes, according to the report. These federal project-based subsidies support over 5 million homes, or 10% of the nation's rental housing stock.
The report highlights threats to this type of housing: Although the U.S. added more than 104,000 homes to its federally assisted housing stock in recent years, it lost more than 71,000 such homes. Affordability restrictions are set to expire for more than 374,000 federally assisted homes in the next five years, and about... Read more
"As the traditional holiday shopping season kicked off on Thanksgiving weekend, the White House announced that the Small Business Administration (SBA) is increasing small business lending limits, and the Office of Management and Budget (OMB) has released guidelines to small businesses compete for federal contracting opportunities...
The SBA is announcing an increase of the maximum loan amount backed by SBA Community Advantage Small Business Lending Companies from $350,000 to $500,000 for active lenders in good standing."
"Carver Bancorp's new CEO, Donald Felix, is managing through a proxy contest as he devises a plan to return the Black-operated bank to profitability. . . 'This is a good opportunity,' Felix said. 'It's meaningful for the future. With so few Black-operated banks remaining, Carver ... is too important not to succeed.'"