Al Drago/Bloomberg Key insight: Federal Reserve Governor Michael Barr said the short-term impact of AI-related job cuts will likely lead to long-term economic gains, as new technology may create new jobs with higher pay. He also said the central bank is working to bring inflation back to its 2% target but noted there is “some […]
Fed Gov. Barr says AI may cause ‘dislocations’ in labor force Read More »
Key insight: The trade association letter urges the White House to reverse cuts to the congressionally mandated program. Supporting data: The Office of Management and Budget has let go CDFI Fund staff as part of a reduction in force across the government, and the administration has singled out the program for cuts to the extent
Banks urge Trump admin to restore CDFI Fund staff, funding Read More »
Key insight: Treasury said it will abolish the CDFI Fund in reduction in force notices handed out to employees on Friday. Forward look: The CDFI funding that’s already been appropriated could be subject to what’s called a “pocket recession,” a move likely to be legally challenged. What’s at stake: Millions of dollars for banks and
Exclusive: Trump admin lays off Treasury CDFI staff Read More »
Key insight: The CDFI Fund is getting a supplemental application, putting it back on track to receive the funding apportioned by Congress. Look forward: But the Office of Management and Budget hasn’t given a timeline for when those funds will be disbursed, raising fears once again of pocket rescission. What’s at stake: Millions of dollars
CDFIs get a reprieve. Sort of. Read More »
Al Drago/Bloomberg WASHINGTON — The Office of Management and Budget has apportioned a fraction of the money Congress allotted to the Community Development Financial Institution Fund, documents show. OMB has allotted only $35 million under the Trump administration to the CDFI program, according to new apportionment documents. All of those funds have gone to cover
OMB documents show CDFI Fund isn’t disbursing new funds Read More »
Annabelle Gordon/Bloomberg Advocates for military credit unions Tuesday urged top lawmakers on a senate appropriations subcommittee to restore funding for the Community Development Financial Institutions Fund, after the White House proposed eliminating new funding. In the letter, addressed to Financial Services and General Government Subcommittee Chair Bill Hagerty, R-Tenn., and Ranking Member Jack Reed, D-R.I.,
Military credit union group urges Congress to fund CDFIs Read More »
Community development financial institution The Change Company won judgment against a firm led by its former employee, who previously sued the lender, lodging allegations of misconduct. The Anaheim, California-based parent of Change Lending filed suit in 2023 against Yeti Global Services, a company owned by its former chief of staff Adam Levine. Change accused Levine
Change Co. emerges victorious after suing ex-employee Read More »