-
A community development venture in the District of Columbia supported by Citigroup, government officials and local financial institutions has partnered with loan marketplace Biz2Credit to facilitate loans to small businesses.
May 7 -
Banks in Baltimore seem to have avoided the worst of the violence in the city's riots, though that's partly because they have few branches in some of the affected neighborhoods.
April 28 -
The regulators have spelled it out: If a bank wants relief from onerous compliance requirements, a path to get there is to use simple, basic practices for credit risk management.
May 7
Lending and access to banking services in distressed neighborhoods has risen as a result of "mission-oriented" banks, according to
The 24 banks studied, which totaled nearly $1.5 billion in loan volume, reported 69% of their home mortgage lending to be in low- to moderate-income areas. The median poverty rate for branch locations among the banks surveyed is 180% higher than the average U.S. bank, the report said.
A vast majority 81% of clients at the surveyed banks were minorities, and 43% were women. More than 44% of deposit accounts held less than $1,000.
The data were from 2013.
"These institutions are local, anchor institutions operating oftentimes in underserved communities and the work they do creates long-term change for individuals and businesses," NCIF Chief Executive Saurabh Narain said in a news release. "Mission-oriented banks are an important vehicle for community and economic development in their ability to leverage investments through lending activity as well as their depository and nonfinancial services."
