CDFIs

Lawmakers should prioritize programs that improve economic development in underserved communities, as appropriators begin debating next year’s spending levels.

The retired CEO of 1st Choice Credit Union and CU of Atlanta has been named the 2018 recipient of the Pete Crear Lifetime Achievement Award from the African-American Credit Union Coalition.

Community Development Credit Unions grew outstanding loans by 13 percent in 2017, compared to 10 percent for non-CDFI-certified CUs.

For many borrowers, near-guaranteed approvals and faster turnaround times are more important than the lower rates offered by banks and credit unions.

Several credit union and bank groups have formed a rare united front in letters opposing the Trump administration's rescission package.

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.

The first step for credit unions to get certified as community development financial institutions begins next week.

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.