Recent News
Sunrise Banks has received local coverage for its CDFI status.The article highlights the work of public-benefit corporations in the Twin Cities who have received designation as such from the Minnesota State Legislature, and features a quote from Sunrise Banks CEO David Reiling.
Virginia Community Capital has outgrown its office in downtown Richmond and is moving into a larger building in Henrico County. “After almost ten years, in our space downtown, we now require a larger space for our Richmond team. This is an exciting step for VCC, as it is indicative of our continued growth and impact across the state,” wrote Jane Henderson, CEO of VCC.
The CDFI Fund is issuing a call for well-qualified persons to serve as remote-location application reviewers for the 2017 application round of the Capital Magnet fund. Reviewers much have considerable expertise in community and economic development finance. The CDFI Fund has contracted with F2 Solutions to recruit reviewers. Applications are being accepted on a rolling basis until 5pm EDT on... Read more
Urban Partnership Bank recently served as a sponsor for the 4th annual Financial Services Pipeline Intern Career Conference in Chicago; the conference aimed to expose more African Americans and Latinos to financial careers in an effort to increase interest and representation in this field. Urban Partnership Bank was among the various companies on hand to provide guidance, expertise, and... Read more
In response to the House Appropriations Committee’s approved top line at just $190 million for the CDFI Fund in FY2018, the Credit Builders Alliance asked its CDFI members to forward a survey to their borrowers. The results of the survey resoundingly disprove the contention that CDFIs are no longer needed, which President Trump insinuated in his budget blueprint by declaring that “the CDFI fund... Read more
According to a survey recently conducted by the American Bankers Association, Americans overwhelmingly believe that our economy needs banks of all sizes, and a majority is concerned about the falling number of banks. The survey demonstrated that Americans widely understand the benefits that banks bring to their communities: 79% agreed that they play an important role through financial education... Read more
A recent Forrester benchmarking study examined mobile offerings for retail customers of various banks and found that many of their mobile apps lacked functions that would not require a large investment by the banks to implement. Minor functions such as the ability to search for items within an app or the ability to sort transactions are often overlooked, which can hinder a user’s experience. For... Read more
Businesses and governments are going cashless. But one significant portion of the population is getting left out of this transition: people who lack access to traditional financial services like bank... Read more
Legacy Bank & Trust of Rogersville, Missouri has agreed to purchase Financial Enterprises Inc., the holding company of First National Bank of Clinton. Through the deal, Legacy will gain access to Clinton’s three branches and $70 million in assets. “Coming from a family-owned institution for over 120 years, I feel confident that we understand and appreciate the relationships built by First... Read more
WBUR Radio Boston recently interviewed Teri Williams, president and CEO of OneUnited Bank. She discussed the discrepancies between black and white homeownership in Boston, elaborating on issues of eligibility and describing her company’s involvement with the ONE Mortgage Program that is offered in Boston for first-time homebuyers. Through this program, OneUnited has partnered with MA-based... Read more
Oliver Wyman provides critical insight on non-financial payment reporting data or “alternative data”, which can improve access to credit for millions of Americans by overcoming two key limitations of today’s best lending practices and enhancing the accuracy of existing credit scores.
Tucked away in the last month’s regulatory form report by the Treasury Department was a nascent effort to reform the way regulators implement the Community Reinvestment Act (CRA). The CRA, a law intended to compel banks to offer loans and financial services to low- and moderate- income areas, has been criticized by community groups as out of step with modern banking practices. The report said that regulators need to “better align the benefits arising from banks’ CRA investments with the interest and needs of the communities they serve.”
Amidst soaring housing costs, the Bay Area has a well-documented shortage of affordable homes. The East Bay Asian Local Development Corporation (EBALDC) has recently launched the new Oakland Healthy Neighborhoods Fund, whose investors will purchase apartment buildings at risk of converting to higher rents and then restrict rent increases for eligible low- and moderate-income residents. Beneficial State Bank is one of several CDFIs and nonprofit organizations partnering with EBALDC to ensure that these renters can stay in their homes.
The Consumer Financial Protection Bureau (CFPB) recently announced the appointment of new consumer experts from outside the federal government to the Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council; the four bodies will provide advice to CFPB leadership on a broad range of consumer financial issues. Among the new appointees to the Community Bank Advisory Council is Max Yates, Senior Executive Vice President and Chief Risk Officer of BankPlus in Ridgeland, Mississippi. Yates is a member... Read more
A recent survey of 219 US banks conducted by the American Bankers Association found that 87% do not have a formal payments strategy. 70% do not analyze payments data to gain insights into customer behavior. New payment technologies such as digital currencies, person-to-person payment apps, real-time payments, and mobile wallets threaten to erode the indispensable role that small banks have long played in their customers’ lives. There are certain steps that small banks should take to better position themselves for the payments revolution.
Vernon, Alabama is just a dozen miles from Caledonia, Mississippi, but the Bank of Vernon took 11 years to cover that distance. On June 28th, representatives and officials gathered at the ceremonial opening of the bank’s new branch in Caledonia’s primary retail area. The tiny town of 1,100 residents has been without a bank branch for 15 years, but it is growing steadily. “We’ve got some great plans for the area, and we appreciate the support of the people of Caledonia,” said Bank of Vernon CEO Andy Johnson.
The Federal Reserve just published its 2016 Small Business Credit Survey examining current small business conditions and credit environment. Forbes reports on the results: although big banks are still the major lenders, small business owners are having trouble accessing credit. Owners are constantly exposing themselves to risk because they cannot find adequate financing options. While many are turning to online lenders, SBA loans are a largely underutilized resource.
A report quietly released by the Treasury Department supports the perforamnce of the Bank Enterprise Award (BEA) program, saying there is "clear evidence" it helps recipients provide financial services to the must underserved communities.
In June, the Greater Minnesota Housing Fund announced the identities of 7 public and private investors that have raised over $25 million to acquire and preserve 1,000 unsubsidized, affordable rental units in the Twin Cities. The fund comes at a critical time for the region, which has recently lost thousands of once-affordable rentals. Sunrise Banks was a major investor in the new initiative.
Thanks to an $84,000 Affordable Housing Program (AHP) grant from Community Bancshares and the Federal Home Loan Bank of Dallas (FHLB Dallas), 12 low-income families in George and Greene counties in Mississippi will receive significant upgrades to their homes, most of which lack basic air conditioning. The George/Greene Habitat for Humanity (HFH) will spearhead the renovations. “We are a rural Mississippi affiliate with no major industry in our network,” said George/Greene HFH Executive Director Sue Trosclair. “We have to raise our own funds, so this grant is very important... Read more