Eric J Ryan’s Post

Cherry Hill-based TD Bank announced a three-year Community Impact Plan, committing to providing an estimated $20 billion to spark economic opportunities for low- and moderate-income, diverse and underserved communities across the bank’s U.S. presence in 15 states, obviously including New Jersey, and Washington, D.C. This plan, developed with insight from the National Community Reinvestment Coalition - NCRC, will support lending, philanthropy, banking access and other activities for the benefit of diverse and underserved communities, including: - $10 billion in support of residential lending for LMI and/or minority borrowers; - $7.5 billion in community lending and investment; - $2.8 billion in small business lending; - $70 million in Community Reinvestment Act-related philanthropy.

This week, TD Bank announced a three-year, $20 billion Community Impact Plan that will help enhance access to lending, philanthropy, physical banking and more in diverse and underserved communities across the bank's footprint in 15 states and Washington, D.C. We worked with the National Community Reinvestment Coalition (NCRC) on this plan, which builds on TD's decades of local support. Highlights include $10B in support of mortgage lending for LMI and/or minority borrowers; $7.5B in community lending and investment; $2.8B in small business lending; and $70MM in CRA-related philanthropy. Learn more about how customers and communities will benefit: https://bit.ly/4b69CC7

The Community Impact Fund (CIF) is a 501(c)(3) organization that partners with credit unions and other organizations to provide 0% interest loans and saving incentives to employees. In this blog, Merry Pateuk, SVP of Industry Engagement at PSCU/Co-op Solutions, shares how partnering with the CIF can help employees struggling with their finances. ➡️ Read the blog: https://bit.ly/44jKZz0 ➡️ Learn more about The Community Impact Fund: https://bit.ly/3UykFh5 #CreditUnions #FinancialWellness #CommunityImpact

Redefining Community Banking Banks are small businesses too, and when they lend money, they expect it to be paid back. But, this doesn’t mean they can’t also be genuine community investors. It's about balancing business with the dignity and worth of every person. Let’s create a future where banks and communities thrive together. Learn more in my latest blog:

New Jersey Public Bank Implementation Board has officially submitted its comprehensive recommendations for the establishment of a New Jersey public bank to Governor Phil Murphy. This initiative draws inspiration from the long-standing success of the Bank of North Dakota, the United States' sole state-owned bank since 1919, and aims to replicate its community-centric financial model on the East Coast. Public banks, government-owned entities, have played pivotal roles in economies worldwide, from Canada to Chile to American Samoa. The Bank of North Dakota stands as a testament to the benefits of such institutions, emerging from a grassroots movement by farmers seeking fairer financial treatment and evolving into a cornerstone of state economic development, leveraging taxpayer revenues for local projects. The New Jersey initiative seeks to forge a new path in public banking by creating a state-funded and partially state-controlled community development bank. This entity aims to accelerate investments in underserved communities, focusing on impactful capital deployment without the primary goal of profit. Instead, it will utilize patient capital from state and philanthropic sources, aiming to attract private capital over time to reduce reliance on state funding. https://lnkd.in/eJxuk-ng

Member Success Stories: The Fountain Fund - Unlocking Economic Opportunities for Formerly Incarcerated People (Profile by Equifax) CBA Fund, CBA's CDFI Intermediary, is a Community Development Financial Institution (CDFI) intermediary dedicated to catalyzing and growing the capacity of nonprofit lenders to offer small dollar, credit building consumer loans. CBA Fund's mission is to expand the capacity of nonprofit lenders, like The Fountain Fund, to provide safe and affordable small-dollar consumer loans (SDLs) and credit-building products to low- and moderate-income individuals and previously incarcerated people. Equifax is a proud partner of Credit Builders Alliance (CBA). The Fountain Fund is one of hundreds of nonprofit lenders, financial educators, and asset builders that are members of CBA’s one-of-a-kind umbrella network, helping millions of low-to-moderate-income individuals across the nation build credit. Enabling financial opportunity for justice-involved individuals is an important part of driving greater financial inclusion. Fountain Fund works hand-in-hand with justice-involved people who have been previously incarcerated, acting not just as advisors but as partners on this journey toward economic empowerment. Whether it’s financial coaching, charting pathways to meet credit goals, approving a new low-interest loan, or advocating for greater economic opportunity, Fountain Fund is unwavering in their commitment to improving lives. Read the article from Equifax.com here: 🔗 https://lnkd.in/emgnKsZD #creditbuilding #BuildingCreditTogether

Where you bank has the power to make a meaningful impact on our community. From local farms to craftsmen to startups, banking locally with a community bank connects you to your community and your neighbors and gives everyone a stake in its financial success. Here are a few reasons why: • Community banks respect the communities we serve by doing right by their customers and community. Community banks and local communities have symbiotic relationships—one cannot thrive without the other. • Community banks are relationship lenders. They know their customers and understand their financial needs, unlike larger institutions that take a transaction-based approach to banking. • Community banks understand and celebrate local economies. As small businesses themselves, community banks are an unequivocal resource for entrepreneurs looking to launch a local small business. A study from seven Federal Reserve Banks found that small businesses that apply for loans with community banks are the most successful and most satisfied. Community banks give back. Serving local communities is second nature to community banks. At Poca Valley Bank, we take pride in making our community stronger through various service projects and donations to local organizations. #banklocal #PVB

This means we’re part of a unique subset of financial institutions that is committed to double or triple bottom line service. As a Community Development Financial Institution (CDFI), #bankcbb is dedicated to providing financial services in underserved and economically distressed areas. Our mission as a CDFI bank is to make a positive and sustainable economic impact on the community as a committed and resourceful financial partner to local businesses, creative professional, and #nonprofits. Community Development Banks (often called CDFI Banks) are FDIC-insured banks or thrifts that have a primary mission of promoting community development. These institutions are different from traditional banks and thrifts. They target low and moderate income markets, working in urban and rural communities that lack access to credit and are not adequately served by the traditional banking industry. Learn more at bankcbb.com. #BayArea #investment #community #finance #supportlocal

The Mission Driven Bank Fund (MDBF) announced its second close of $65 million, bringing the total capital raised to over $177 million. The fund aims to support FDIC-insured Minority Depository Institutions (MDIs) and Community Development Financial Institutions (CDFIs) in closing the racial wealth gap. 'The Fund welcomed new limited partners, including banks with assets ranging from $6 billion to over $150 billion,' said Paul Welch, the MDBF portfolio manager. 'We are pleased with progress toward achieving the Fund's objectives and are encouraged by the robust investment pipeline.' John M. Hairston, president and CEO of Hancock Whitney Bank, a limited partner, said, 'We believe investing in the MDBF aligns with our mission, purpose, and core values and supports working together to help people and businesses grow and protect their financial futures.' Rickey Jimenez, director of community reinvestment with Enterprise Bank & Trust, another limited partner, stated, 'We are proud to be an investor in such an innovative fund.' The Fund will continue to engage with mission-aligned banks to create customized solutions and build capacity to serve their communities. Additional closings are planned through May 2025. #impactinvesting #missiondriven #racialwealthgap @missiondrivenbankfund @enterprisebank @hancockwhitney @bannerbank @lakecitybank

Did you know Low-Income Designated (LID) credit unions have access to specialized resources, offering them a transformative edge in serving underserved communities? From non-member deposits to partnership opportunities, these resources are driving financial inclusion and community empowerment. Learn more about these impactful tools in our latest post on the CNote blog. #LIDCreditUnions #CommunityImpact https://lnkd.in/g683c3Ys