Benson Porter

Did you tune in to our recent Impact Power Hour? Featuring Amanda Garcia Merz from the Leagues and Henry Gascon from United Ways of California, this dynamic session revealed powerful strategies for credit unions to integrate financial stability programs into their core goals. We also explored how we can uplift our communities through free tax preparation and impactful financial literacy initiatives. If you missed the webinar, you can catch up and watch it here: https://buff.ly/47LZkpA #CANVLeagues #CreditUnions #SocialImpact

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Here's part 2 America's Credit Unions' Samira Salem, PhD, CUDE, VP of Diversity, Equity, & Inclusion. She shared more highlights and insights from her NCUMA - National Credit Union Management Association Hawaii conference. In particular, Samira talked about "confident humility" as one of the eight practices for today's inclusive leaders, as well as empathy being essential for leaders, particularly during change, as it fosters connections and resilience. Thanks, Mike Lawson, for always doing such a great job! College Ave and PARC Street Partners love sponsoring you at the this event! https://lnkd.in/eumfzPKm

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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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Transparency in banking is essential! Under the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), banks must make their CRA ratings and performance publicly available. This means communities get a clear view of how banks are supporting local credit needs, encouraging fair practices and development. Let's push for accountability and transparency in the financial system to build stronger, fairer communities! 💪 #BankTransparency #CommunityReinvestment #FIRREA #FairBanking #EmpoweredCommunities

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Today marks a transformative moment for the credit union industry. ModernFi CUSO is proud to announce our latest funding with new investments from 10 leading credit unions: ABNB Federal Credit Union, Ascend Federal Credit Union, Corporate One Federal Credit Union, Georgia's Own Credit Union, Idaho Central Credit Union, IH Mississipp Valley Credit Union, Royal Credit Union, SAFE FEDERAL CREDIT UNION, Service Credit Union, and Suncoast Credit Union. This follows previous backing from strategic credit union partners Curql and Members Development Company along with existing investors Canapi Ventures and Andreessen Horowitz. This strategic collaboration represents a shared vision for the future of credit unions. Together, we're building the first credit union deposit network, an advancement that will drive deposit and member growth across the industry. As we continue on this journey, we're reminded of ModernFi CUSO's core mission: to empower credit unions of all sizes to better serve their communities. To our team, partners, and the entire credit union community, your belief and support fuel our passion. Together, we're transforming and enhancing the way credit unions approach deposit growth. Credit unions have a bright future ahead, and we are proud to support their mission. Learn more here: https://lnkd.in/eAdAEHN8

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We're proud to be a #CDFI, and join the other CDFI's and Responsible Lenders across the country in making real change! Community Development Finance Institutions (CDFIs) have turned ripples of finance into waves of change for individuals, businesses and social enterprises across the UK.  They provided opportunity and built resilience for disadvantaged communities and those excluded from mainstream finance. In 2023, lending from CDFI's hit a record high of £287 million - and CDFIs now operate at 31 times the scale they did in 2003, when the sector lent £9.2 million. This growth reflects how CDFI's fill widening needs seen for the right finance at the right time.  Here’s what CDFIs achieved in 2023: - Supported 4,546 start-ups and SMEs with £102m of loans.  - 12,135 jobs were created or safeguarded.  - 99% of businesses had been declined by another lender.  - 371 social enterprises were supported with £119m of loans.   - Households saved £29m in interest repayments compared to high-cost lenders.   - CDFIs lent £66m to 85,208 individuals.  - CDFIs identified a total of £601m of unclaimed benefits for 143,050 customers. Read more about the impact of CDFIs’, plus lots of customer stories in: https://lnkd.in/eWSFydQ2 #RipplesToWaves #ResponsibleFinance #CDFIs Responsible Finance 👏

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Don't miss tomorrow's discussion on how fintech solutions are breaking down barriers to lending for underserved communities, and how your credit union can create opportunities to continue to serve LMI (Low to Moderate Income) members. #CANVLeagues #CaliforniaCreditUnions #NevadaCreditUnions

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Discover the power of Community Development Financial Institutions (CDFIs): We’re sharing the essentials: - What are CDFIs and how do they operate? - What does the current CDFI market look like? - Where do CDFIs source their capital? - How are CDFIs paving the way for a more equitable future? - How can CDFIs be included in client portfolios? Dive in and see how CDFIs are making a difference. Find out more: https://lnkd.in/enRY9ECw #ImpactInvesting #CommunityDevelopment #CDFI #SocialFinance #EconomicEmpowerment

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#Communityfinancialinstitutions looking to grow their business may want to focus on the growing needs of small- and medium-sized businesses that are also looking to scale. In today’s #PCBBBID we look at 3 community financial institutions that are doing just that by offering an expanded digital and geographical reach, robust cash management services, and personalized support. https://lnkd.in/e8Wx48cj

There are many articles and ideas circulating on LinkedIn regarding the challenges faced by Community Banks. Some focus on present or proposed policy. Others on regulatory agency actions (or inaction?). What are some of the practical solutions that would actually help Community Banks thrive? Reformed Finch is curating a marketplace to deliver those resources in a way that’s accessible to even the smallest institutions. If you’re a community bank leader that is interested or has ideas, reach out! We’d love to connect and share more about what we’re building.

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To all #CDFI #CreditUnions Worried About Losing Certification: On December 7, 2023, the Community Development Financial Institutions Fund (CDFI Fund) published a revised CDFI Certification Application. Since then, CUCollaborate has heard from many credit unions that they worry about retaining Certification under the revised application. So, over the last few months, we have been working hard to develop strategies -- and the necessary software to support them -- to provide credit unions the best chance of retaining Certification. Below are some of the strategies, including software we have developed: 1. Custom Investment Areas (IA): While the revised certification application has significantly diminished the potential impact of custom IAs, they are still a critical tool for credit unions within reach of Certification but not quite there. Our software draws mathematically optimized, custom IAs based on a credit union’s lending activity and financial services. 2. Financial Services Option Analysis: Under the revised application, credit unions that either have 60% by number and 50% of the dollar, or 50% by number and 60% by dollar, can retain Certification if at least 60% of the credit union's depository account holders are members of one or more eligible Target Markets. We have found that the combination of a mathematically optimized Custom IA and the Financial Services Option is particularly effective in retaining Certification, specifically in desperate cases. 3. Target Market API: We have developed a CDFI Target Market API which supports a number of strategies to ensure that you meet your target market lending requirements moving forward. We have established, and continue to add more partnerships, with Fintechs (like National Auto Loan Network, LoanStar Technologies, GreenLyne, etc.) and loan participation platforms (like Aluvy, etc.) to help source qualified lending to ensure credit unions retain certification in the future. 4. CDFI Certification Dashboard: We have also developed a data analytics platform, allowing credit unions to monitor the necessary statistics to retain certification on a rolling basis to ensure that if they start to fall behind, proactive action may be taken before it is too late. 5. CUSO Strategies: If all else fails, credit unions can leverage CUSOs to either help the credit union attain or retain Certification directly OR indirectly gain the many benefits conferred by CDFI Certification through a CDFI Loan Fund CUSO. We know the value of your CDFI Certification, which is why we have invested significantly in developing strategies and proprietary technology that help credit unions retain Certification. Moreover, the software we have developed allows us to help credit unions retain Certification in instances when it would simply be impossible without it. If you believe you are in jeopardy of losing your certification, please contact us: https://lnkd.in/gsysDMTp

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AgCredit awards $117,000 in Mission Fund grants to 10 local organizations AgCredit, one of northern Ohio’s largest lenders for farmers, rural homeowners and agribusiness, today announced that it is awarding $117,000 in Mission Fund grants to 10 community organizations in support of their efforts to improve the quality of life in communities primarily within the cooperative’s 18-county service territory.  Now in its seventh year, the Mission Fund supports AgCredit’s commitment to investing in the future of agriculture and positively impacting the quality of life in rural Ohio. Recipients were selected based on their proposals to meet criteria in one or more of four key areas: Education, environment, technology and quality of rural life. Following are AgCredit’s 2024 Mission Fund grant recipients: 4-H Camp Palmer, Fulton County $10,000 Agricultural Education Department-Van Buren Local School, Hancock County, $8,000 Crawford County Junior Fair Board, Crawford County, $15,000 Friends of Fox-Shank Living Laboratory, Wood County, $3,900 Norwalk Fire Department, Huron County, $5,100 Ottawa County Agricultural Society, Ottawa County, $15,000 Paulding County... https://lnkd.in/gz7btAWK

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Comment Letter Filed to the NCUA on Succession Planning. NASCUS believes that succession planning is important in ensuring a credit union’s continuity of operations and maintaining member confidence in credit union leadership. Financial institutions must implement the necessary steps to mitigate management transition risks. We appreciate the NCUA Board obtaining stakeholder input on this important proposal. Read more here: https://lnkd.in/ebHmvhR7 #Creditunion #riskmitigation #financialinstitution

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As Filene launches each new Center of Excellence, we start by creating a shared understanding of the current state of the industry for that given topic. For the Center for Leadership, Strategy & Governance, one of the most pressing areas to dig into was in the realm of credit union governance. Filene is thrilled to present its latest research output, “Credit Union Governance Landscape.” This 4-part infographic series provides crucial insights for credit union leaders looking to enhance their governance practices and shape their boards into a strategic asset. Key focus areas include: • Shaping Your Board to Be a Strategic Asset: Learn to select directors who advance your credit union’s strategy while fulfilling fiduciary duties. • Making Your Boards More Effective: Explore best practices for onboarding and evaluating directors to maximize their contributions. • The CEO and the Board: An in-depth look at the vital relationship between the board and the CEO, publishing on October 3. • Optimizing Board Meetings: Strategies for conducting effective board meetings, publishing on October 10. Spearheaded by Dr. Amy Hillman, an expert with three decades of both academic research and practical experience as a board member, this unique output is now available exclusively for Filene members. Access the full series here: filene.org/LSGinfographics

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What is a Community Development Financial Institution (CDFI)? CDFIs are lenders dedicated to offering fair, responsible financing to communities typically underserved by mainstream finance. FCI is a Community Development Loan Fund, which is a type of CDFI. While others may shy away from perceived risks, we see potential. Unlike traditional banks, we specialize in lending to emerging developers, organizations, and businesses in under-resourced communities. CDFI lending drives small business growth, promotes homeownership, facilitates the establishment of essential community infrastructure like schools and healthcare centers, funds climate change solutions, and much more. Learn more about FCI and our lending practices: https://bit.ly/3vmkJqy

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