Late in 2023, Warsaw Federal — a $71 million mutual savings and loan in Cincinnati…
Browsing: Community development
The Community Development Financial Institutions Fund today released a “considerably revised” process for an organization to apply to become a CDFI or to renew its certification.
ABA expressed support for a proposed bill to create a tax credit for investments in community development financial institutions and minority depository institutions
Julieann Thurlow, ABA’s 2023-24 chair, unites financial inclusion and financial innovation.
ABA, seven state bankers associations and multiple banks joined more than 700 organizations in a letter urging President Joe Biden and Congress to permanently extend the New Markets Tax Credit program.
A bipartisan group of senators introduced an ABA-backed bill to create a community development financial institutions tax credit for private sector investors that make equity, equity-equivalent investments or long-term patient capital available to CDFIs.
ABA signed a coalition letter urging Congress to make the New Markets Tax Credit program permanent, and it is encouraging banks to do the same by signing the letter by the end of the month.
Assets held by community development financial institutions tripled in the last five years, reaching at least $452 billion in the first quarter of 2023, according to a report by the Federal Reserve Bank of New York
To help support minority depository institutions and community development financial institutions advance in digital transformation, policymakers and regulators must address bottlenecks that limit growth, according to a recent report by National Bankers Association Foundation.
The Treasury Department announced that the Community Development Financial Institutions Fund has awarded more than $1.73 billion in grants to 603 community development financial institutions to boost local economies negatively affected by the COVID-19 pandemic.