The Treasury's recommendations come as federal bank regulators have indicated they will soon release a proposal to reform Community Reinvestment Act policy.
HUD Secretary Ben Carson told lawmakers that overly rigid False Claims Act enforcement had forced lenders to suffer financially for what were just minor errors, but that lenders' fears of being sued were dissipating.
Banking and affordable housing advocates are encouraged by a provision in the tax reform legislation that could increase investment in underserved communities by allowing investors to defer capital gains taxes when they reinvest in federally chartered Opportunity Funds.
The Trump administration’s 2019 budget highlights the administration’s goal of reining in the post-crisis regulatory apparatus, with proposed cuts for several agencies including the Consumer Financial Protection Bureau.
The Minneapolis bank is the first bank to join Community Reinvestment Fund's online service that matches small-business borrowers who don’t qualify for bank loans with community development financial institutions.
OneUnited is trimming branches and expanding digital offerings as it builds its brand as a backer of social justice that develops innovative products such as a Black-Lives-Matter-themed debit card.
Carver Bancorp, which has spent 70 years serving minorities in Harlem and surrounding neighborhoods, is struggling to turn a profit. As black-run banks nationwide struggle to stay afloat, Carver's CEO insists the institution is on the right track.
Clearinghouse CDFI will use funds from the $2 million investment to support affordable-housing and economic development projects in communities and Native American reservations in California, Nevada and Arizona.
The House-passed tax bill would eliminate the New Markets Tax Credit while the Senate bill would not reauthorize it when it expires in two years. Bankers and other proponents say that if it is discontinued many economic development projects in rural and low-income communities won’t be funded.
Capital Corps, led by Steven Sugarman, aims to provide financing to homeowners and small businesses that it believes are overlooked by banks. The firm features several former Banc of California executives.
