MWBEs

Six startups that seek to cater to Black and Hispanic consumers outside the financial mainstream are attracting heavy interest from investors. However, the new banks will vie with megabanks eyeing those same customers and with established minority-owned institutions suddenly brimming with new capital.

A survey commissioned by Bank of America found that Black entrepreneurs are more hopeful about revenue opportunities than other small-business owners, though many are still struggling to bring in the capital needed to expand.

Brian Argrett, whose City First Bank is being sold to Los Angeles-based Broadway Financial, would take the helm of the combined company at a time of increased national interest in reinvigorating minority-owned financial institutions.

The Toronto parent of BMO Harris Bank has joined a growing list of banks directing billions of dollars toward affordable housing and loans to low- and moderate-income communities.

Uwharrie Capital in North Carolina and Valley National in New York used their community connections to seek out small companies in need of loans from the Paycheck Protection Program. They found plenty of them.

Organizers representing five tribes aim to create a financial institution to serve their members.

The American Bankers Association and the National Bankers Association will collaborate on training and advocacy efforts.

Unity National Bank of Houston, which has reported losses three straight years, is receiving guidance and resources from Citigroup through a Treasury mentoring program.

The money will help moderate- and low-income communities in Detroit and Cleveland.

Capital Corps, founded by former Banc of California CEO Steven Sugarman, wants the minority-run Broadway sold to a buyer that serves low- and moderate-income borrowers.

The agency's new leader began her career as a part-time night-shift package handler for UPS in Chicago.

At a forum convened by the CFPB, several bank and fintech executives argued that long-delayed rules required under the Dodd-Frank Act can help fight discrimination and shine a light on unsavory practices in the market for small-business credit.

Representatives of minority- and women-owned small banks from around the country met to discuss how to expand business opportunities.

Under the Treasury Department's Financial Agent Mentor-Protégé program, JPMorgan Chase is advising two black-owned banks on working with the agency in ways that could boost their fee income.

SIFMA approval could bring new competitors and housing finance reform; number of applications rose but amount borrowed still lags other firms.

Shaza Andersen, a well-known banker around the nation's capital, would serve as Trustar Bank's CEO.

OneUnited in Boston recently issued a debit card supporting immigrants, taking a public stand on a divisive national issue.