CDFIs

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.

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 special round of certification will close on Feb. 16, and credit unions approved for CDFI status will be notified by the end of March.

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.

Natco plans to use the grant monies to expand lending opportunities for low-income consumers.

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.

More than 20 different states are part of the Juntos Avanzamos network, with dozens of CUs participating from across the country.

In light of the recent disbursement of nearly $40 million in grants to credit unions from The Treasury Department’s Community Development Financial Institutions Fund, Credit Union Journal surveyed some credit unions which have received CDFI grants in the past to find out how these funds are being used.

Credit unions have received a total of nealry $291 million since the CDFI Fund was created.

The third-largest U.S. metropolis is entrusting $20 million to Illinois Service Federal Savings & Loan Association, the city’s treasurer, Kurt Summers, announced Monday.

The agency awarded grants in three areas: digital security, leadership development and technology aimed at enhancing a CU's capacity to serve the underserved.

It is the largest equity investment that Clearinghouse CDFI has received in its two-decade history.

Credit unions have from Aug. 1 to Sept. 7 to apply to become a community development financial institution.