A new app could help hourly workers that experience significant income swings -- nearly a third of American households. The app, Even, smooths the irregular, up-­and-­down paychecks of hourly workers into the steady flow of a simulated salary. On good weeks, when users outearn their “average” salary, the company banks the surplus into a separate savings account. When users fall short, they still get their salary, thanks to past surpluses or to interest-free credit from Even. The service charges an annual fee of $156 – which could be preferable to the billions America’s poor spend each year... Read more

An SBA loan from Durango, Colorado-based First Southwest Bank has helped Colorado Malting Company expand its operation to become the largest craft malt house in the United States. Founders Jason and Wayne Cody say the bank’s work was instrumental in their business’s success. "The first day we were open for business, running a tank that would hold about 400 gallons of wheat, we got an order for 40,000 pounds of malt. So we just kind of went, 'We're going to need some financing help!'” said Jason Cody. “[First SouthWest Bank] has worked tremendously hard and went to bat for... Read more

A new report from National Community Investment Fund (NCIF) finds that CDFI banks are substantially more likely than mainstream institutions to provide financial services in underserved areas. The report finds that 53.6 percent of the median CDFI bank’s HMDA loans were made to low income districts, compared to 25.5 percent for the median U.S. bank. In addition, the median CDFI bank had a greater proportion of branches in low income communities — 75 percent, compared to 40 percent for the median U.S. institution. NCIF also surveyed a sample of 24 CDFI banks for more detailed information,... Read more

Beneficial State Bank, Sunrise Banks and Virginia Community Capital were recognized by B Lab's Best for the World 2015 List in both the Overall and Best for Communities categories. The list honors companies that create the most positive impact for their environment, their communities and their employees. Virginia Community Capital was commended for its commitment to local, sustainable and fair trade suppliers. Beneficial State Bank was noted for its dedication to environmental sustainability and for giving more than 50% of its corporate profits to charity. Sunrise Banks... Read more

The New York Times this week featured a debate on the role of social goals in the profit-oriented corporate environment. David Yosifon of the Santa Clara University School of Law writes that Delaware corporate law holds that directors must make stockholder welfare their sole end, a premise which Lynn Stout of Cornell Law rebuts. She writes that the malleability of “shareholder interest” affords directors ample leeway for incorporating social goals. Stephen Bainbridge of the U.C.L.A. School of Law writes that enforcing shareholder wealth maximization is the only concrete... Read more

The CDFI Fund has opened applications for the CDFI Bond Guarantee Program. Through the CDFI Bond Guarantee Program, certified CDFIs or their designees issue bonds guaranteed by the Federal government, using the proceeds to extend capital for community development financing. Qualified issuer applications must be submitted by 11:59 p.m. EDT on June 5, 2015. Guarantee applications must be submitted by 11:59 p.m. EDT on June 12, 2015. The CDFI Fund will conduct a two-day... Read more

United Bank of Atmore, Ala. is encouraging consumers and small business owners to bank locally in recognition of Community Banking Month. “By shopping local and banking locally with United Bank, customers can make a real difference in the lives of their neighbors and the future of their community,” said Bob Jones, president and CEO of United Bank. “The loans we make help businesses grow and farmers and families be successful.” United Bank will also celebrate community banking throughout the spring as a sponsor of a number of local community events and by supporting... Read more

Bankers from three CDBA member banks and one other CDFI bank have been elected to leadership positions on the board of the Mississippi Bankers Association. Kent Mortimer, senior vice president/credit officer at Bank of Kilmichael, has been elected vice president. Jerome Brown, senior vice president and director of community development for The First, A National Banking Association in Hattiesburg, has been elected to the executive council. Adam Cox, community bank president with BankFirst Financial Services in Madison, has been elected to... Read more

Industrial Bank President and CEO Doyle Mitchell won the National Newspaper Publishers Association Torch Award for Business, an award that honors black business leaders. Industrial Bank, which was founded in 1934 in Washington, D.C., is the only remaining African American-owned institution of its kind in the district. “Our service and our staff are better because we sincerely care about our customers more than other banks do,” said Mitchell. “And that’s pretty obvious, given what happened in the economy in the last five years. Clearly mortgage bankers and a lot of other... Read more