CDFIs

The fund will support Community Development Financial Institutions that lend to minority- and women-owned businesses. The Charlotte, N.C., company is the latest big bank to make a large dollar commitment focused on alleviating racial and economic inequality.

The central bank's proposal to overhaul the Community Reinvestment Act differs markedly from the OCC's regulation in testing, data collection and other areas.

The four-year plan submitted as part of its acquisition of E-Trade includes grants to community development organizations and support for uniform vendor diversity standards.

A New York CDFI is halfway to its $100 million fundraising goal for a fund that would put deposits in Black-owned banks and make loans to key businesses or projects. It hopes the moves will improve availability of capital and access to mainstream financial products.

Bankers have long opposed the idea of the U.S. Postal Service taking deposits and making loans directly, but some in the industry are open to the idea of letting banks and credit unions offer services at post offices.

The Minneapolis company’s partnership with the Black Business Investment Fund and other community development financial institutions is an example of how banks can fulfill multimillion-dollar pledges aimed at closing the racial wealth gap.

The Federal Reserve could ease capital rules, foster the creation of special-purpose banks and take other steps to strengthen minority communities and businesses without legislation being sought in Congress — if it has the will to do so, experts say.

The account would complement the existing Community Development Financial Institutions Fund and could be replenished annually if banks and credit unions use the funds to help when natural disasters and other crises occur.

The Senate Banking Committee will vote this week on Kyle Hauptman's nomination to the NCUA board while the full chamber continues to debate additional coronavirus relief measures.

The streaming service is taking out a two-year certificate of deposit with Hope Credit Union, which plans to use the funding to provide credit to communities often overlooked by mainstream banking.