Albina Community Bank, based in Portland, Oregon, has announced Jeff Aden has joined the bank as Senior Vice President and Chief Lending Officer. As the bank’s Chief Lending Officer, Aden will be responsible for all consumer, commercial and real estate loan production activities in the bank. Aden has 30 years of commercial banking experience in Oregon, including previous management roles at Banner Bank and Sterling Savings Bank. “We are pleased that Jeff has agreed to join the team at Albina Community Bank,” said Cheryl Cebula, bank President and CEO. “Jeff brings a wealth... Read more

The Supreme Court will rule on housing discrimination protections in Texas Department of Housing and Community Affairs v. The Inclusive Communities Project. The court will decide whether the 1968 Fair Housing Act prohibits only intentional discrimination or also applies to seemingly race-neutral policies that harm minorities. The second form could include the policy at question, in which the housing agency's system allocated low-income housing tax credits for the construction of affordable housing such that new low-income housing was built almost exclusively in high-poverty minority... Read more

The CDFI Fund will provide an additional 45-day application submission window for organizations that did not submit a Small and Emerging CDFI Assistance (SECA) component or Native American CDFI Assistance (NACA) Program Financial Assistance (FA) application by the original deadline. The additional application period will allow organizations to take advantage of a new waiver of the matching funds requirement for entities applying for FA awards through the NACA Program, the Healthy Food Financing Initiative (HFFI) and the SECA component. Organizations that have already submitted applications... Read more

St. Paul, Minn.-based Sunrise Banks plans to take on payday lenders with an innovative new product that provides loans as an employee benefit. The “TrueConnect Employee Benefit Program” is offered through employers as a loan against future salary and is offered in amounts from $1,000 to $3,000, depending on the employer and how much the employee makes. The loan is retired through pay deductions over the course of a year, with a maximum interest rate of 25 percent. Sunrise developed the program in consultation with the OCC, CFPB and several consumer groups. "It’s a consumer... Read more

Southern Bancorp CEO Darrin Williams has been named to the board of Little Rock Technology Park, an innovation district that promotes technology-based ventures in Little Rock, Ark. by advancing entrepreneurship, collaboration and knowledge-sharing. University of Arkansas at Little Rock Chancellor Joel Anderson said Williams' appointment was based on his outstanding leadership in the Little Rock community and his distinguished record in public service, which has included a term as a state representative. “Mr. Williams’ background and experience in finance, law, and politics... Read more

Carver Federal Savings Bank has announced it will be one of at least ten financial institutions accepting New York City's new IDNYC cards as a valid form of identification. The IDs, intended to provide photo identification to thousands of New Yorkers, will likely become the country's largest municipal identification program. The cards will provide legal documentation to residents regardless of immigration status, providing a new way to access banking services. The cards will be free this year, ramping up to a small fee next year. "Carver Federal Savings Bank is pleased to... Read more

Lending initiatives run by faith-based organizations are shifting the way churches approach charity and creating a new alternative to payday lenders and pawn shops. The programs offer parishioners who have fallen deep into debt with payday lenders a low-interest path to repayment. The Virginia United Methodist Church's Jubilee Assistance Fund offers collateral so borrowers can qualify for a loan through the Virginia United Methodist Credit Union. Loans offered through the program have annualized interest rates as low as 6 percent. The program is still quite small  -- just 14 loans from $... Read more

Richard Shelby (R-Ala.) has been named chairman of the Senate Committee on Banking, Housing and Urban Affairs for the 114th Congress. Shelby previously served as the chairman of the Banking Committee from 2003 until 2006. Shelby is likely to make rolling back provisions of the Dodd-Frank Act a core objective for his committee. He has also spoken in favor of altering the structure of the CFPB and decreasing the power held by its director. But Shelby has also shown a populist streak that could work against big banks. He has in the past leveled criticism against Wall Street firms for their... Read more

Sen. Sherrod Brown (D-Ohio) has proposed an alternative to payday loans that would allow low-income workers to claim part of their Earned Income Tax Credits (EITC) early when they need a cash boost, rather than waiting to claim the entire credit at tax time. The EITC is a tax credit that forgives some federal and payroll taxes for low-wage workers who otherwise would fall into poverty. Brown's proposal caps the amount which may be claimed early; maximum claims will range between $133 and $500 based on number of dependents. The cap is designed to find middle ground between providing enough... Read more