Event | September 30, 2021
FDIC to Convene Meeting of its
Advisory Committee on Economic Inclusion
On Thursday, October 7, at 1:00 p.m. ET, the Federal Deposit Insurance Corporation (FDIC) will convene a meeting of its Advisory Committee on Economic Inclusion (ComE-IN). The FDIC Board of Directors established ComE-In in November 2006 to provide the agency with advice and recommendations on important initiatives to expand access to banking services for underserved populations.
The meeting’s agenda includes three panels of experts discussing the topics of innovation, recent housing market trends, and the opportunity to expand account access during tax season. The innovation panel will feature team members from the FDITECH Financial Inclusion Tech Sprint – “Breaking Down Barriers: Reaching the Last Mile of the Unbanked.” The committee will also report out on key challenges and opportunities for inclusion in their communities. Read the full agenda.
WHO: Chairman Jelena McWilliams and Other Members of FDIC Board of Directors
Senior FDIC Leadership
Advisory Committee Members
WHAT: Meeting of the FDIC Advisory Committee on Economic Inclusion
WHEN: Thursday, October 7, 2021, at 1:00 p.m. ET
HOW: This virtual meeting is open to the public via live webcast.
Treasury Guarantees $100 Million in CDFI Bond Funding
September 30, 2021
WASHINGTON – The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) announced today the approval of a $100 million guarantee under the fiscal year 2021 round of the Community Development Financial Institution (CDFI) Bond Guarantee Program. The guarantee will be issued to Bank of America CDFI Funding Corporation on behalf of Self-Help Ventures Fund (Self-Help). Nearly $1.8 billion has now been guaranteed since the inception of the CDFI Bond Guarantee Program, which provides long-term, fixed-rate capital for projects in low-income urban, rural, and Native communities.
“The CDFI Bond Guarantee Program was created over 10 years ago to respond to a critical market need for long-term low-cost capital to spur economic growth and jump start community revitalization,” said CDFI Fund Director Jodie Harris. “That need has never been greater than now for low- income communities across our nation as they try to recover from the disproportionate impact of the pandemic and rebuild after numerous natural disasters. The CDFI Bond Guarantee Program is a proven and valuable tool to help these distressed communities get back on their feet.”
Self-Help, which is headquartered in Durham, North Carolina, will use the bond loan to finance commercial real estate, rental housing, charter schools, not-for-profit organizations, and healthcare in low income communities in North Carolina, California, Illinois, Florida, and Washington, DC.
Established by the Small Business Jobs Act of 2010, the CDFI Bond Guarantee Program provides low cost capital that enables CDFIs to execute large scale community development projects. Under the program, Qualified Issuers (CDFIs or their designees) apply to the CDFI Fund for authorization to issue guaranteed bonds worth a minimum of $100 million. The bonds provide CDFIs with access to substantial long-term, fixed-rate capital to invest in distressed communities. For more information on the CDFI Bond Guarantee Program, visit the CDFI Fund website at www.cdfifund.gov/bond.
About the CDFI Fund
Since its creation in 1994, the CDFI Fund has awarded more than $5.1 billion to CDFIs, community development organizations, and financial institutions through the Bank Enterprise Award Program, the Capital Magnet Fund, the Community Development Financial Institutions Program, the Financial Education and Counseling Pilot Program, and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $66 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and closed guaranteed bonds for nearly $1.8 billion through the CDFI Bond Guarantee Program.
To learn more about the CDFI Fund and its programs, please visit the CDFI Fund’s website at www.cdfifund.gov.
Reasonable Accommodations: Requests for reasonable accommodations under section 504 of the Rehabilitation Act should be directed to Jay Santiago at the CDFI Fund at 202-653-0300.
This email was sent to politikimx@gmail.com using GovDelivery Communications Cloud on behalf of: CDFI Fund, US Department of the Treasury · 1801 L St., NW, 6th Floor, Washington, DC 20036· 202-653-0300
