^americanbanker: American Banker, "CDFI Fund director stepping down" secondary; corroborates the January 2019 start a...
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CDFI Fund director stepping down By Claire Williams About Claire byclairew Published February 24, 2023, 3:27 p.m. EST 1 Min Read The U.S. Treasury building stands in Washington, D.C., U.S., on Monday, July 16, 2018. The House this week plans to consider a minibus spending bill that combines legislation funding the Treasury, Internal Revenue Service (IRS), and the Securities and Exchange Commission (SEC) with another bill keeping the Interior Department and Environmental Protection Agency (EPA) running. Photographer: Andrew Harrer/Bloomberg Andrew Harrer/Bloomberg Jodie Harris will step down as director of the Community Development Financial Institutions Fund at the end of April, according to a post Thursday on the fund's website. Processing Content Harris, who was appointed to the position during the Trump administration, oversaw an effort opposed by banks that would have revisited its proposed new criteria for participation in the CDFI Fund. Banks lobbied against the effort to create new criteria for using the fund, which some advocates had argued was being used by for-profit companies as a way to raise new capital. Banks said that they "strongly believe that the proposed changes will significantly undermine the efforts of CDFIs to meet the needs of borrowers in low-income and distressed communities," and that the process by which the fund sought to make the changes "did not allow for sufficient consideration of stakeholder feedback." "This new application and guidance will not simply flush out a few "bad apples,'" the Independent Community Bankers of America, American Bankers Association, Community Development Bankers Association and other groups said in a letter to lawmakers. "Mission-focused CDFIs with long track records of impact and quality service to low-income communities will be forced to make a painful choice. Some will forgo CDFI certification and access to the CDFI Fund's resources but continue to serve their communities, while others will maintain their CDFI certification at the expense of reductions in service and access to capital for CDFI Target Markets. We do not believe these choices should be inevitable, or forced by the CDFI Fund." Harris said she will leave her position to serve as president of the Philadelphia Industrial Development Corp. Current Deputy Director of Policy and Programs Marcia Sigal will serve as acting director of the fund beginning in May. Claire Williams Reporter Claire Williams covers banking policy matters on Capitol Hill. She previously wrote about financial and economic policy for Morning Consult and... Read full bio Politics and policy Community banking M&A Keweenaw Financial plans to acquire neighboring Range Financial in a transaction that would create an institution with nearly $1.7 billion of assets. By John Reosti Reporter 9h ago In 2024, a Honduras-born man who was buying a motorcycle was turned down for a loan. Two years later, Truist Financial is facing a discrimination lawsuit — and the plaintiff's lawyer says many lenders are vulnerable to the same accusations. By Nathan Place National Reporter 9h ago Federal Reserve The nation's largest banks saw their aggregate capital levels decline the least since the stress testing regime was reformed in 2020. Even so, the Fed will keep stress capital buffers unchanged as it weighs structural changes to its annual capital test. By Kyle Campbell Staff writer 10h ago Commercial banking The Atlanta-based parent company of Ameris Bank plans to open a commercial banking office in Tennessee's largest city by the end of the year, as part of its organic growth strategy. By Allissa Kline Reporter 10h ago Wealth management The head of client segments in Morgan Stanley's wealth division acknowledges AI could one day be the primary source of financial advice for mass affluent clients. Morgan Stanley advisors working with wealthier investors will have to up their games. By Dan Shaw Reporter 10h ago Trump administration The Senate Banking Committee is slated to consider Christopher Phelen to be the chair of the Council of Economic Advisers on Thursday. Phelen has said in past academic papers that fractional reserve banking is "highly problematic." By Claire Williams Reporter 11h ago
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