CDFIs

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.

A report quietly released by the Treasury Department says there is “clear evidence” that a program President Trump wants to cut helps recipients provide financial services to the most underserved communities.

Credit unions in Alabama and Louisiana announce conversion to first-ever core system designed specifically for CDFIs.

A total of $2 million in grant funding will be available through the regulator's Office of Small Credit Union Initiatives.

Despite an effort by the Trump administration to defund government aid for community development financial institutions, the Senate approved a budget deal that included $258 million in funding for the CDFI fund.

The $248 million for the CDFI Fund is a defeat for President Trump, who had proposed scrapping the fund entirely in his initial budget proposal.

At a minimum, federal lawmakers should fully fund the Community Development Financial Institutions Fund and support the CDFIs that provide economic opportunity where it is needed most.

Atlanta's Westside neighborhood is one of the most underbanked regions in the country, but a new collaboration between Equifax and the National Federation for CDCUs aims to tackle that head on.

A Trump administration budget proposal to end federal funding for community development financial institutions would push small businesses to high-risk, high-cost lenders.

Credit unions have long been the beneficiaries of the Community Development Financial Institution grant program and are loathe to see it nixed.

Comptroller of the Currency Thomas Curry on Wednesday expressed support for community development financial institutions, even as the Trump administration is seeking to cut all government funding for them.