Financial institutions

In an exclusive interview, the moderate Virginia Democrat and co-chair of the Community Development Financial Institution Caucus touched on the future of community development, cybersecurity and nonbank regulation. 

Data as of Mar. 31, 2022. Dollars in thousands.

Data as of Mar. 31, 2022. Dollars in thousands.

Data as of Mar. 31, 2022. Dollars in thousands.

Native communities want to launch or expand their own community development financial institutions but are running up against regulatory challenges and a lack of support from mainstream banks.

Data as of Mar. 31, 2022. Dollars in thousands.

Data as of Mar. 31, 2022. Dollars in thousands.

Data as of Mar. 31, 2022. Dollars in thousands.

The effort, spearheaded by Democratic Sen. Mark Warner and Republican Sen. Mike Crapo, is the latest sign of the community development industry’s rising political prominence in Washington.

Data as of Mar. 31, 2022. Dollars in thousands.

Data as of Mar. 31, 2022. Dollars in thousands.

Data as of Mar. 31, 2022. Dollars in thousands.

Data as of Mar. 31, 2022. Dollars in thousands.

The growth opportunity is there, the brand trust is there, the clients are there — it’s the banks that are largely absent.

Non-depository institutions originated an even greater share of all home loans compared to the year before, according to the Federal Financial Examination Council’s latest analysis of Home Mortgage Disclosure Act data.

Community development financial institutions proved themselves indispensable during the COVID-19 pandemic. They have earned a seat at the table.

The nonprofit First Step Alliance is working to launch Diverge Federal Credit Union, which plans to offer loans to cover the costs of gender affirmation surgery for individuals and adoption for same-sex couples.