CDFIs

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. 

The program, announced last October, looks to provide services to minority-owned banks and credit unions so they can increase homeownership rates in their communities.

The funding requests break sharply with the Trump administration's calls to eliminate key housing funds and backing for community development financial institutions. The White House also wants to substantially increase the budgets of the Treasury Department and the Small Business Administration.

The Treasury secretary previewed President Biden's budget by urging lawmakers to fund the Financial Crimes Enforcement Network's establishment of a beneficial ownership regime.

The Federal Reserve could ease capital rules, foster the creation of special-purpose banks and take other steps to strengthen minority communities and businesses without legislation being sought in Congress — if it has the will to do so, experts say.

As the nation struggles with the coronavirus, now is not the time to make major revisions to the Community Reinvestment Act.

An effort by the Federal Housing Finance Agency to examine membership rules for the Federal Home Loan Bank System is reigniting an argument over whether to allow more nonbanks in or impose tougher barriers.

The agency plans to conduct a review of how it regulates the 11 Federal Home Loan banks amid concerns that some companies are inappropriately seeking a back door into the Home Loan Bank System.

The House Financial Services chair is sponsoring a bill with one of the Democratic presidential contenders aimed at alleviating the public housing capital backlog.

The industry has taken some steps to lower barriers to affordable housing, but some observers say that more can be done.