CDFIs file lawsuit against Treasury to release funding
A group of community development financial institutions are asking a federal court in California to compel Treasury to disburse funds from the CDFI Fund before they expire in September.
Financial institutions
Commerce to acquire boutique middle-market investment bank
The Kansas City bank plans to purchase St. Louis-based Nolan & Associates, adding to its investment banking advisory capabilities.
By
Jasmine Ni
United Community to sell a high-achieving equipment-finance unit
CEO Lynn Harton said his Greenville, South Carolina-based bank struggled the past year to keep Navitas from overshooting the limit the bank set for its expanding portfolio, about 10% of total loans.
Report: Private credit opacity poses risk to financial system
A report from the Financial Stability Board said limited transparency in the private credit market makes it difficult for regulators to monitor and understand risks, potentially masking challenges to the financial system.
BNY and Snapdocs announce digital mortgage document handling initiative
On an end-to-end basis, the joint initiative delivers collateral without relying heavily on manual transfers as loans are settled, then transferred between institutions.
Treasury meets with life insurers to discuss private credit
The Treasury Department held a high-stakes huddle with state insurance officials to discuss risks associated with the rapid growth of private credit in the economy and whether those investments could pose systemic vulnerabilities.
Why banks see opportunity in advising art collectors
After a long price correction in the art market, Bank of America is expanding its advisory services for collectors — and it's not alone.
M&T says Tricolor-related lawsuit could lead to losses
The Buffalo-based bank didn't specify the size of potential losses from a suit that grew out of the collapse of subprime auto lender Tricolor Holdings. M&T said its trust subsidiary will "vigorously defend itself" against claims by investors who allege that it should have protected them from alleged fraud.
Affirm applies for a banking charter
The buy now/pay later lender is seeking to create Affirm Bank, a Nevada-chartered industrial loan company.
PayPal eyes industrial loan charter
The payments company submitted applications to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corp. to create PayPal Bank. If approved, Mara McNeill, the former president and CEO of Toyota Financial Savings Bank, will serve as PayPal Bank's president.
Fed’s Miran: ‘No point in getting to neutral slowly’
Federal Reserve Gov. Stephen Miran reiterated his view that monetary policy has become more restrictive than economists think, but expressed increased urgency that the central bank take strong corrective action.
Fed Gov. Barr says AI may cause ‘dislocations’ in labor force
Michael Barr said he believes artificial intelligence will have a positive long-term impact on the economy, though it may cause job losses in the short term.
Banks urge Trump admin to restore CDFI Fund staff, funding
Six trade groups warned the administration layoffs and funding freezes could dampen lending, threatening the administration's goal of economic growth.
CDFIs get a reprieve. Sort of.
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.
Banks push back on CFPB plan to curb nonbank supervision
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.
CFPB to further curb its ability to supervise nonbanks
A proposed rule published Tuesday in the Federal Register would limit the Consumer Financial Protection Bureau's ability to designate nonbank entities for supervision.
Trump admin lets bank CDFI program wither on the vine
Calls for applications for a bank-specific program within the Community Development Financial Institution Fund have been delayed, raising the possibility that those funds are unspent before the appropriated money expires.
Trump budget suggests eliminating some CDFI awards
President Donald Trump's proposed budget would nix funding for Community Development Financial Institutions in minority-heavy areas while expanding it for rural areas.
House Democrats question Bessent over CDFI contradictions
House Financial Services Committee ranking member Maxine Waters, D-Calif., led a group of Democrats in challenging Treasury Secretary Scott Bessent over the current state of the Community Development Financial Institutions Fund.
All CDFI programs legally required, Treasury suggests
The Treasury Department told the OMB that all 11 programs in the CDFI Fund are statutorily mandated. The White House said "no final decisions have been made" about the programs.
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