Financial institutions

Community Development Financial Institutions grew rapidly in recent years. Now, though, they face a slowdown. All CDFIs will have to get leaner and more efficient. For many, mergers might be the best solution.

The Office of Management and Budget issued reduction in force notices to Treasury staff working in the Community Development Financial Institution office Friday, saying that the layoffs are necessary to "implement the abolishment" of the fund.

The Office of Management and Budget has prevented billions of dollars from flowing to community development financial institutions, preventing those funds from supporting housing development.

The CDFI Fund is updating definitions of eligible activity to be considered for the funds, including removing climate-focused financing and references to race and ethnicity.

The Consumer Financial Protection Bureau received pointed pushback from banks in their public comments on a proposed rule that would slash the number of nonbanks being supervised in four key markets.

The CEOs of Pinnacle Financial Partners and Synovus Financial — two banks that recently announced a deal to join forces — say they've ironed out all the critical sticking points that bedeviled previous mergers of equals.

A cohort of U.K.-based fintech founders are fundraising to launch a digital bank for high net worth individuals, known internally as "Project Arnaud."

Organizers of the planned Portrait Bank say they're well ahead of initial capital-raising goals as they near completion on leasing a property to serve as headquarters

Community development financial institutions have a long history of providing vital economic lifelines to communities across the country. Credit unions have always been an important part of that story.

The leader of a major credit union trade group takes issue with a recent BankThink article questioning credit unions' ability to operate as federally recognized Community Development Financial Institutions.