CDFIs

HUD Secretary Ben Carson told lawmakers that overly rigid False Claims Act enforcement had forced lenders to suffer financially for what were just minor errors, but that lenders' fears of being sued were dissipating.

Crossroads Systems Inc. has relaunched with the acquisition of a community development financial institution focused on the Hispanic mortgage market.

Banking and affordable housing advocates are encouraged by a provision in the tax reform legislation that could increase investment in underserved communities by allowing investors to defer capital gains taxes when they reinvest in federally chartered Opportunity Funds.

The Trump administration’s 2019 budget highlights the administration’s goal of reining in the post-crisis regulatory apparatus, with proposed cuts for several agencies including the Consumer Financial Protection Bureau.

Carver Bancorp, which has spent 70 years serving minorities in Harlem and surrounding neighborhoods, is struggling to turn a profit. As black-run banks nationwide struggle to stay afloat, Carver's CEO insists the institution is on the right track.

Clearinghouse CDFI will use funds from the $2 million investment to support affordable-housing and economic development projects in communities and Native American reservations in California, Nevada and Arizona.

Capital Corps, led by Steven Sugarman, aims to provide financing to homeowners and small businesses that it believes are overlooked by banks. The firm features several former Banc of California executives.

It is the largest equity investment that Clearinghouse CDFI has received in its two-decade history.

A report quietly released by the Treasury Department says there is “clear evidence” that a program President Trump wants to cut helps recipients provide financial services to the most underserved communities.

Despite an effort by the Trump administration to defund government aid for community development financial institutions, the Senate approved a budget deal that included $258 million in funding for the CDFI fund.