Last week, Treasury Secretary Yellen announced new efforts by the Treasury Department to increase the nation’s housing supply. Some of the initiatives Secretary Yellen discussed included...more
On May 8, the New York Fed released a report examining both the origination and sale of loans by community development financial institutions (CDFIs) and found that loans of both types more than doubled from 2018 to 2022....more
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund released an updated Community Development Financial Institution (CDFI) Certification Application (Application). This updated...more
In 2003, the UK Government introduced the CITR scheme to provide private investors with a significant tax incentive to finance enterprises within disadvantaged communities through accredited CDFIs. Whilst a similar scheme is...more
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more
On April 10, Vice President Kamala Harris and Deputy Secretary of the Treasury Wally Adeyemo announced that the U.S. Treasury Department’s Community Development Financial Institutions (CDFIs) Fund has awarded more than $1.73...more
On March 26, the Virginia governor signed HB 1411, which codifies the Virginia Community Development Financial Institutions Fund and creates the Virginia Community Development Financial Institutions Program to carry out the...more
The United States Department of the Treasury (“Treasury”) recently announced that a second application round has opened for investments in eligible Minority Depository Institutions (“MDIs”) and Community Development Financial...more
In existence since 2000, the federal New Markets Tax Credit (NMTC) incentive has provided gap financing and infusions of cash in economically distressed communities for more than two decades. However, the amount of NMTC funds...more
On this episode of Sustainable Outlook, host Elizabeth Crouse discusses sustainable economic development through Community Development Financial Institutions (CFDIs) with Johanna Bartee, director of JST Capital and a board...more
In This Issue. The U.S. Securities and Exchange Commission (SEC) published a sample comment letter on climate change disclosures; the Financial Industry Regulatory Authority (FINRA) is conducting a review of brokerage firm...more
In This Issue. The Board of Governors of the Federal Reserve System (Federal Reserve), in response to an increased number of inquiries and access requests from companies with fintech and other narrow purpose charters, invited...more
The OCC, the Federal Reserve Bank, and the FDIC (collectively, the Banking Regulators) announced an interim final rule on March 9 that revises their capital rules to facilitate implementation of the US Treasury Department’s...more
In this Issue. The U.S. Department of the Treasury announced that it was opening the application process for the Emergency Capital Investment Program, a new program designed to provide long-term, low-cost equity and...more
A long-awaited bipartisan stimulus bill was signed into law by President Trump on December 27, 2020. Included in the law, known as the Consolidated Appropriations Act, 2021 (the “Act”), are economic stimulus measures and a...more
Congress on Monday approved a deal on a $900 billion COVID-19 economic relief package, which is expected to be signed into law within the next few days. The bill provides $12 billion in support to small lenders focused on...more
In the News. The Office of the Comptroller of the Currency (OCC) finalized its “true lender” rule, which establishes that a national bank or federal savings association (bank) is the “true lender” of a loan if, as of the...more
Community Development Financial Institution (CDFI) certification is awarded to “community-based organizations that seek to expand economic opportunity in low-income communities and provide financial products and services to...more