
ABA, trade groups urge increase in CDFI fund appropriations
The trade groups asked for $500 million for the CDFI Fund, which includes a $50 million allocation for the Bank Enterprise Award Program.
The trade groups asked for $500 million for the CDFI Fund, which includes a $50 million allocation for the Bank Enterprise Award Program.
Sens. Ben Cardin (D-Md.) and Steve Daines (R-Mont.) yesterday introduced the New Markets Tax Credit Extension Act of 2023.
“We’re a small bank, and it gets more expensive all the time to run a small community bank,” says Andy Anderson, president and CEO of Bank of Anguilla in Anguilla, Mississippi. “As long as we can do this profitably and remain in our community, that’s what we want to do.”
Federal agencies could improve the effectiveness of community investment programs by removing barriers to bank participation in federal loan programs and making other changes, the American Bankers Association said Monday.
The federal banking agencies today released 2021 Community Reinvestment Act data on small business, small farm and community development lending.
ABA supports the proposed changes’ goals, but said without refinement they would have unintended consequences, particularly in rural areas.
The ABA Foundation yesterday honored seven banks for outstanding commitment to their communities.
The Community Development Financial Institutions Fund is asking for public feedback to refine the criteria it should use to designate “minority lending institutions” as a subset of CDFIs.
Ahead of a House Financial Services subcommittee hearing on the joint agency proposal to update the Community Reinvestment Act, the American Bankers Association cautioned lawmakers that certain aspects of the proposal are unlikely to accomplish the goals of regulatory modernization.
The Community Development Financial Institutions Fund today opened its funding round for fiscal year 2022 funding for its small-dollar loan program.