To help ensure that Paycheck Protection Program funds reach all small businesses in need, the Small Business Administration and Treasury Department today announced that they will set aside $10 billion of the second round PPP funds to be used exclusively by community development financial institutions.
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The OCC today released a list of 13 interagency frequently asked questions related to the Community Reinvestment Act and the coronavirus pandemic.
After a career as a nonprofit executive, Midwest BankCentre Chairman and CEO Orvin Kimbrough discusses the unique perspective he brings to his role and how his bank is reaching underserved communities in the St. Louis area.
Noting the pivotal role that community development financial institutions play in stabilizing local economies and creating jobs in low- and moderate-income communities, the American Bankers Association and several industry trade groups urged lawmakers to include funding for the Treasury Department’s Community Development Financial Institutions Fund in the next economic stimulus package.
The federal banking agencies announced today that they will give favorable Community Reinvestment Act consideration to banks for retail banking, retail lending and community development activities related to the coronavirus pandemic.
To promote job creation and economic vitality in neglected rural and urban communities, ABA and several other financial trade groups today urged House and Senate appropriations leaders to support $304 million in funding for the Community Development Financial Institutions Fund in fiscal year 2021, with $35 million allocated for the Bank Enterprise Award program.
With just 44,000 residents, how did the town of Columbus, Indiana, become one of the nation’s leading architectural destinations — ranked sixth of all U.S. cities for architectural innovation and design? The answer: a community bank president named J. Irwin Miller.
During an often contentious hearing before the House Financial Services Committee today, Comptroller of the Currency Joseph Otting defended his agency’s proposed changes to the Community Reinvestment Act regulations.
“When you think about what’s happening in America, there’s a bifurcation that’s happening,” says Orvin Kimbrough. “You have more and more people pushing to the upper echelons of economic continuum, and you have many more who are pushing to the lower end, and the middle group is being squeezed.”
Federal Reserve Governor Lael Brainard, the agency’s point person for the Community Reinvestment Act modernization process, today outlined the Fed’s approach to revising CRA rules and explained why the Fed did not join the notice of proposed rulemaking issued last month by the OCC and the FDIC.