Financial institutions

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.

Four years after its launch, the Mission Driven Bank Fund has ended its fundraising well short of its original $500 million target. Still, organizers are hopeful that the fund's performance will attract other investors to the sector.

A proposed rule published Tuesday in the Federal Register would limit the Consumer Financial Protection Bureau's ability to designate nonbank entities for supervision.

Congress should hold hearings to investigate whether credit unions really qualify to operate as tax-advantaged Community Development Financial Institutions.

More nonbank digital asset firms are applying for national trust charters, a development that many banking organizations oppose due to what they say is inadequate oversight, lack of congressional intent and no FDIC backstop.

The Office of Management and Budget under President Donald Trump has not apportioned any discretionary awards to financial institutions in the fiscal year of 2025, according to new documents released by the agency.

The Ohio-based bank opened its first branch in Alabama, with plans to open 14 more over the next three years.

Amid waning federal support for community development financial institutions and minority depository institutions, a program launched by two banking trade groups is beginning to generate a steady stream of deposits for mission-focused lenders.

The CDFI Fund has yet to announce and disburse awards for five programs, even though applications closed months ago, the lawmakers said in a letter to Office of Management and Budget Director Russell Vought.

BankUnited hires Wells Fargo's James Mackey to be its new chief financial officer; Ponce Bank President and CEO Carlos Naudon is named chairperson of the Community Development Bankers Association; Jefferson Bank announces the retirement of longtime President and CEO Danny Butler; and more in this week's banking news roundup.

Growing loans was a tall order in 2024, but banks that could do just that were able to outperform their peers.

The House Financial Services Committee passed a number of bipartisan banking bills with wide margins, suggesting a growing consensus on how to handle issues like deposit insurance, de novo bank formation and the Federal Reserve's discount window.