CDFIs

Administration of the Community Development Financial Institution Fund at the Treasury Department will be led by the CDFI Fund's legal counsel following the resignation of the fund's director.

Calls for applications for a bank-specific program within the Community Development Financial Institution Fund have been delayed, raising the possibility that those funds are unspent before the appropriated money expires.

The group expressed concern with the White House proposal to reduce the program's funding, and urged Appropriators to fund the bipartisan-backed Community Development Financial Institutions Fund.

Federal Reserve Gov. Michael Barr — who until February served as the agency's top regulator — said community development functions have benefits for the Fed's monetary policy, supervision and research goals.

President Donald Trump's proposed budget would nix funding for Community Development Financial Institutions in minority-heavy areas while expanding it for rural areas.

House Financial Services Committee ranking member Maxine Waters, D-Calif., led a group of Democrats in challenging Treasury Secretary Scott Bessent over the current state of the Community Development Financial Institutions Fund.

The Trump administration's plan to reduce the performance of the Community Development Financial Institutions Fund would sacrifice the United States' most cost-efficient investment in itself.

The Treasury Department told the OMB that all 11 programs in the CDFI Fund are statutorily mandated. The White House said "no final decisions have been made" about the programs.

The bipartisan co-chairs of the Community Financial Development Institution caucus sent a letter urging the Trump administration to continue supporting the CDFI Fund after it was slated for cuts in a recent executive order.

President Donald Trump's executive order severely limiting the Treasury's Community Development Financial Institution Fund has thrown the industry into confusion as financial companies try to quantify the damage.

Retired banker Brad Schwartz is set to join First National as finance chief; Bar Harbor Bankshares agrees to acquire Guaranty Bancorp; CDFI Friendly America reveals new data on lending; and more in this week's banking news roundup.

The custody bank achieved its goal for the amount of deposits it placed into minority banks and community development financial institutions by the end of the year.

The Greenhouse Gas Reduction Fund, a major element of the IRA, provides a critical opportunity for banks to integrate green finance into their core strategies.

The Federal Home Loan Bank of New York paid its departing director of diversity and inclusion $561,600 after an external review found "oversight issues" that led to a shake-up of the bank's human resources department; CDFI Friendly America launches an online mapping system to spotlight growth opportunities nationwide; global law firm A&O Shearman expands its U.S. debt finance team; and more in this week's banking news roundup.

The Biden Administration firmly rejects proposed cuts to key financial oversight and consumer protection agencies in the Republican-backed financial services appropriations bill for fiscal year 2025.

The Treasury Department's Community Development Financial Institutions Fund has introduced significant updates to the CDFI certification application, aiming to simplify the process and establish clearer standards for responsible lending and community development.

The Federal Reserve's vice chair for supervision said new definitions around community development activities and the ability for banks to invest outside their immediate assessment areas could be a boon to Native Americans and their communities.

A.E.A. Federal Credit Union in Yuma said it would acquire West Valley National Bank in a bid to expand into Phoenix and Las Vegas.

At a Senate Banking subcommittee meeting, Republican and Democratic lawmakers both promoted the mission of community development financial institutions and warned of upcoming threats to their funding and proposals to revamp the CDFI certification process.

Treasury's plan to overhaul the certification process for community development financial institutions will benefit the communities served by those institutions.