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New Markets Tax Credit Briefing Demonstrates Credit’s Success in Rural and Urban Communities

March 24 – The NMTC Coalition hosted a briefing on Capitol Hill  to share information on the impact of the New Markets Tax Credit (NMTC) in rural and urban communities. Leading the event was Robert W. Davenport, President of NMTC Coalition and Special Advisor to National Development Council.  Longtime NMTC champion and original cosponsor of the New Markets Tax Credit Extension Act of 2017 (HR 1098), Congressman Tom Reed, provided opening remarks. The event featured a video explaining the mechanics of the NMTC and four presentations by NMTC Coalition Board Members on projects from NMTC at Work in Communities Across America, a report released in December 2016 by the Coalition.

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Century Bank and FHLB Dallas Help Fund New Project

March 24 – A $287,000 Affordable Housing Program (AHP) grant from Century Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) will help fund the construction of a $10.2 million construction project, the Wa-di Housing Project, a 41-unit apartment community for very low- and low-income residents on the Kewa Pueblo Reservation in New Mexico.

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Banking Agencies Issue Joint Report to Congress

March 21 – Continuing their efforts to reduce regulatory burdens while ensuring the safety and soundness of the nation’s financial institutions, member agencies of the Federal Financial Institutions Examination Council have issued a joint report to Congress detailing their review of rules affecting financial institutions. (more…)

Banking Industry Opposes Full Repeal of Dodd-Frank Law

March 21 – Most bank executives and board members don’t want Congress and President Trump to totally dismantle the Dodd-Frank Act, according to Bank Director’s 2017 Risk Practices Survey, sponsored by FIS. Just 20 percent believe the law should be repealed in its entirety, a reflection of the significant investment made by the industry to comply with its requirements.

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USC Professor Named President, CEO of Atlanta Fed

Raphael Bostic

Raphael Bostic will be first African-American to lead a Federal Reserve regional bank.

March 13 – The Federal Reserve Bank of Atlanta has named Raphael W. Bostic president and CEO, effective June 5. Bostic, age 50, succeeds Dennis Lockhart, who retired from the Atlanta Fed on Feb. 28. The appointment was jointly approved by eligible directors of the Atlanta Fed’s board of directors, all nonbankers by law, and the Board of Governors of the Federal Reserve System in Washington, D.C. Bostic will be the first African-American to lead one of the Fed’s 12 regional banks.

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White House Meets With Community Bankers

By Toni Lapp

March 9 – Despite recent headlines about health-care reform, immigration bans, the CIA and Wikileaks, regulatory relief remains on President Trump’s agenda, evidenced by his meeting with community bankers from across the country. He later described the meeting in a tweet as a “great listening session.”

The president said he was concerned with the impact of banking regulations on access to credit, and he noted that community banks provide about half of all loans to small businesses.

Donald Trump meets with community banking groups

Representatives of two major community banking groups met with President Trump on March 9.

 

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Thrift Flexibility Bill Backed by ABA Introduced in House, Senate

March 8 – U.S. Reps. Keith Rothfus, R-Pa., and Jim Himes, D-Conn., reintroduced the Federal Savings Association Charter Flexibility Act, supported by the American Bankers Association. The ABA called the bill “the epitome of sensible regulatory relief,” and said it would give greater flexibility to institutions chartered under the Home Owners Loan Act.

According to the ABA, the legislation will allow a federal savings association to elect to function as, and be regulated like, a national bank without having to change charters or governance structure.

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Banks Partner to Award $20K Grant to Four Corners Economic Development Foundation

March 6 – The Federal Home Loan Bank of Dallas (FHLB Dallas), Bank of the Southwest and Four Corners Community Bank has awarded $20,000 in Partnership Grant Program (PGP) funds to Four Corners Economic Development Foundation (4CED).

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Beige Book: Economy Expanding and Businesses ‘Generally’ Optimistic

March 1 – Reports from all 12 Federal Reserve Districts indicated that the economy expanded at a modest to moderate pace from early January through mid-February. Consumer spending expanded modestly since the last report. Retail sales increased at a subdued pace across most of the nation, with a number of districts noting an ongoing shift from in-store to internet purchasing.

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Community Bank Revenue and Loan Growth Outpace Industry

February 28 – In the FDIC’s latest Quarterly Banking Profile, commercial banks and savings institutions reported aggregate net income of $43.7 billion in the fourth quarter of 2016, up $3.1 billion (7.7 percent) from a year earlier. The increase in earnings was mainly attributable to an $8.4 billion (7.6 percent) increase in net interest income.

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