Category money+purpose

Learn More About “CDFIs in Smaller Markets” @ June 14th

Community leaders in Northwest Indiana will explore the potential for CDFI Friendly Communities™ to bring CDFI financing to smaller markets on June 14th in Merrillville, Indiana, near Gary. The public is invited. The Federal Reserve Bank of Chicago, the Office of the Comptroller of the Currency (OCC), and The Legacy Foundation will convene national and […]

A New Approach: CDFI Friendly Cities™

Almost a year ago, Mayor John Hamilton of Bloomington, IN, called to ask my help bringing CDFI financing to his city. A founder and former Board Chair of CityFirst Bank in Washington, DC, John is also a friend of mine from the days before the term “CDFI” was used much. The product of our work […]

Investing Because People Matter

A new report out today profiles an emerging investment niche called “Labor Lens Investing” organized around financing opportunities that produce good financial results and improve working conditions along global supply chains. Labor Lens Investing: The Business Case for Fair Labor Practices breaks new ground in at least three ways: First, it is the only published analysis […]

Trump (Still) Wants to End $ for the CDFI Fund

President Donald Trump’s new proposed budget for fiscal 2019 tries again to eliminate the CDFI Fund:  The Budget eliminates funding for the Community Development Financial Institutions (CDFI) Fund’s discretionary grant and direct loan programs, a savings of $234 million from the 2017 enacted level. The CDFI Fund was created more than 20 years ago to […]

Where Policy Meets Reality

Today’s Washington Post features an important op-ed contrasting the folly of the Trump tax bill against the everyday realities of life in the small city–Bloomington, Indiana, to be specific. Bloomington Mayor John Hamilton, founder and former Board Chair of City First Bank, a CDFI serving Washington, DC, makes the simple and significant point that no city […]

A Bad Idea?

This morning, I spent 45 minutes convincing a Verizon support person–via chat–to credit my account for charges I did not authorize. In the end, he issued a $55 credit, up from $11 at the start. Was it a good idea? Was it worth it? A new book suggests, “Probably not!” Dollars and Sense: How We […]

CDFI Fund Advisory Board Meeting Updates

Today money+purpose is monitoring the CDFI Fund’s Advisory Board meeting in Washington, DC. Look for news updates during the day. One Big Takeaway from the Day: From Secretary Mnuchin through senior Treasury staff to Advisory Board Meetings, the day was upbeat and positive. The CDFI Fund’s bipartisan appeal seems to continue at a steady pace, […]

Trump’s CRA Impact

The announcement today that Richard Cordray will step down as Director of the Consumer Financial Protection Bureau (CFPB) made headlines and puts the work of the CFPB at risk. Less visible but no less significant in today’s news is the New York Times’ story about the taming of the Office of the Comptroller of the […]

Appreciating Janet Yellen, the Future Former Federal Reserve Board Chair

With the formal announcement today that President Trump is nominating Jay Powell as the next Chair of the Federal Reserve Board of Governors, it’s not a bad time to breath out … and then breath in. Breath out a sigh of relief that the President chose someone who respects CDFIs and the Community Reinvestment Act […]

Chairman Jerome Powell? President Trump Reportedly Plans to Take the Moderate Route

Reports in multiple media outlets today indicate that President Trump will nominate Jerome Powell, a sitting governor on the Federal Reserve Board of Governors, to replace current Chair Janet Yellen. As I wrote last week, Powell is the “moderate” choice between Yellen and Stanford University Professor John Taylor. Powell does not seem to have said […]