Erin O'Donnell, CMM

CDFI Fund Update: FY 2024 BEA Program Application Demand The Community Development Financial Institutions Fund (CDFI Fund) released application data for the FY 2024 round of its Bank Enterprise Award Program (BEA Program). Key Highlights: ➡️Over $101 Million Requested The BEA Program saw 176 applications requesting over $101 million, more than 2.5 times the available $40 million. These applicants are from 24 states and the District of Columbia. ➡️Significant Increases in Qualified Activities From January 1 to December 31, 2023, applicants reported nearly $1.1 billion in qualified activities, marking a $390 million increase from the baseline period: - $257 million in loans and investments - $78 million in equity investments and support to CDFIs - $56 million in financial services ➡️Commitments to Persistent Poverty Counties (PPCs) Out of the 176 applicants, 98 committed to deploying a portion of their award in Persistent Poverty Counties, including areas in Puerto Rico and other U.S. territories. Applications are under review, and the CDFI Fund expects to announce awards in fall 2024. #CDFIFund #BEAProgram #EconomicDevelopment #CommunityFinance #CDBA #InvestInCommunities #PersistentPovertyCounties #FinancialInclusion

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🔓 Open Banking is open for business: What you need to know about the Consumer Financial Protection Bureau (CFPB) proposed Rule 1033: https://lnkd.in/e_Mf455y With the proposed Rule 1033, consumers will have easy access to their financial info in a user-friendly digital format, including balances, transactions, and more. This move aims to boost innovation and give consumers more control over your financial journey. For companies operating in the financial sector, understanding Rule 1033’s applicability – as well as its potential opportunities and challenges – is critical. - How embedded is consumer trust in your organization? - How strong are your data safeguards? - Do customers see you as a strong partner to share their data with? Read our blog to learn everything you need to consider. #Rule1033 #OpenBanking #CFPB #FinancialServices

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New Horizon Bank Joins American Fintech Council(AFC) Read more: https://lnkd.in/dfdAZgwE #AmericanFintechCouncil #NewHorizonBank #FintechCollaboration #finance #fintech #FinancialIT

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One of the most significant barriers to small business growth is access to capital. Entrepreneurs of color are less likely to raise capital from outside sources, be approved for a loan, and receive the amount of capital they request from capital providers. CDFIs provide more flexible capital, because of their funding sources from the federal CDFI Fund and private investments, often with less traditional underwriting criteria and lower rates than banks. AFN's new brief, LEVERAGING CDFIs TO INCREASE WEALTH GENERATION AND EQUITY explores how CDFIs can be leveraged to strategically expand opportunity for wealth creation within communities of color. DOWNLOAD THE BRIEF HERE: https://loom.ly/ijj98Fk National Alliance of Latino CDFI Executives - NALCE Hope Credit Union Prudential Financial Citi The Rockefeller Foundation #EntrepreneursOfColor #RacialWealthGap #CDFIs #Philanthropy #Funders #SmallBusiness

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One of the most significant barriers to small business growth is access to capital. Entrepreneurs of color are less likely to raise capital from outside sources, be approved for a loan, and receive the amount of capital they request from capital providers. CDFIs provide more flexible capital, because of their funding sources from the federal CDFI Fund and private investments, often with less traditional underwriting criteria and lower rates than banks. AFN's new brief, LEVERAGING CDFIs TO INCREASE WEALTH GENERATION AND EQUITY explores how CDFIs can be leveraged to strategically expand opportunity for wealth creation within communities of color. DOWNLOAD THE BRIEF HERE: https://loom.ly/ijj98Fk National Alliance of Latino CDFI Executives - NALCE Hope Credit Union Prudential Financial Citi The Rockefeller Foundation #EntrepreneursOfColor #RacialWealthGap #CDFIs #Philanthropy #Funders #SmallBusiness

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📝 On Friday, The #FederalReserveBoard requested comment on a proposal to expand the operating days of the Federal Reserve Banks' two large-value #payments services to include weekends and holidays, so that they would operate every day of the year. 🗓️ ➡️ Learn more about the proposal: https://zurl.co/CqsD #paymentsproposal #FederalReserveproposal #paymentsrfc

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Discover the Secret to Increasing Deposits and Fee Income: Join Our Treasury Management for Community Banks Webinar Treasury Management for Community Banks: A Powerful Tool to Increase Deposits and Fee Income Date: June 6, 2024 Time: 1:30 pm - 3:00 pm Central Time Registration Link: https://lnkd.in/dxyB2f8A Unlock the potential of Treasury Management in this dynamic, must-attend webinar designed to elevate your financial institution's growth. Dive deep into the strategies and services that can transform your approach to deposits and fee income. Why Attend? * Gain Essential Knowledge: Understand the primary Treasury Management services that drive business value. * Boost Your Expertise: Learn how to conduct a Treasury Management Needs Assessment for your business account holders. * Maximize Opportunities: Discover how to utilize the Account Analysis statement to uncover new fee income opportunities. What You'll Learn: * Foundational Knowledge: The core Treasury Management services available in the market. * Marketing & Sales Process: Effective strategies to market and sell Treasury Management services. * Product Implementation: Best practices for seamless implementation of Treasury Management products. * The Future of Treasury Management: Stay ahead with insights into upcoming trends and innovations. Key Benefits: * Cross-Functional Collaboration: Understand how Sales, Treasury Management, IT, Marketing, and Deposit Operations teams can collaborate for success. * Increased Deposits: Learn strategies to boost core deposits. * Enhanced Security: Identify new authentication methods to secure your products. * Strategic Marketing: Bring back actionable ideas to market Treasury * Management services to your ideal business clients. Who Should Attend? This webinar is perfect for: * Business bankers looking to expand their knowledge of Treasury Management products. * Treasury Management sales officers and specialists. * Deposit Operations personnel. * IT and Marketing staff. * Presidents/CEOs focused on optimizing their organizational structure for Treasury Management and increasing non-interest fee income. Register Now Don’t miss this opportunity to enhance your skills and drive your institution's success. Join us on June 6 for an insightful and practical session that promises to equip you with the tools you need to excel in Treasury Management.

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