Bank of America, Charlotte, N.C., has announced that it aims to become the "nation's No. 1 community development lender" while pursuing a goal of lending and investing $750 billion for economic development over the next 10 years, primarily in low- and moderate-income communities.BoA said the nationwide initiative focuses on four key areas, including affordable housing, small business/small farm loans, consumer loans, and economic development, and "will entail a corporate-wide, cross-functional effort to drive more than $205 million in community development activity every day." The goal is to invest $500 billion in affordable housing, $125 billion in small business and small farm loans, $75 billion in consumer loans, and $50 billion in economic development.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
8h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
11h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11