Everything about Community Development Bank totally explained
In the
United States,
Community development banks (CDBs) are
banks designed to serve residents and spur economic development in low- to moderate-income (LMI) geographical areas. When CDBs provide
retail banking services, they usually target customers from "financially underserved" demographics. Community development banks can apply for formal certification as a Community Development Financial Institution (CDFI) from the
Community Development Financial Institutions Fund of the
U.S. Department of the Treasury.
Organizers wishing to start a new CDB in the United States can seek either a State or National bank charter. Like any national bank, all Federally chartered CDBs are regulated primarily by the
Office of the Comptroller of the Currency. According to the OCC Charter Licensing Manual, CDBs are required "to lend, invest, and provide services primarily to LMI individuals or communities in which it's chartered to conduct business." State-chartered Community Development Banks are subject to regulations, qualifications, and definitions that vary from state to state.
Some institutions use the terms CDB and
community development financial institution, or CDFI, interchangeably.
Notable community development banks
The largest and oldest community development bank is
ShoreBank, headquartered in the South Shore neighborhood of
Chicago.
(External Link
) Through its holding company
ShoreBank Corporation, ShoreBank promotes its community development mission by operating CDBs and other affiliates in certain U.S. cities.
The
Grameen Bank of
Bangladesh is also usually classified as a community development bank. It was founded by
Muhammad Yunus with consultation from ShoreBank. In 2006, the Grameen Bank and its founder were awarded the
Nobel Prize.
Other CDBs include:
- Albina Community Bank in Portland, OR
- Carver Federal Savings Bank in New York, NY
- Central Bank of Kansas City in Kansas City, MO
- City First Bank of D.C. in Washington, D.C.
- Dryades Savings Bank in New Orleans, LA
- Hope Community Credit Union in Jackson, MS
- Liberty Bank & Trust in New Orleans, LA
- Louisville Community Development Bank in Louisville, KY
- Neighborhood National Bank in San Diego, CA
- Southern Bancorp in Arkadelphia, AR
- University National Bank in St. Paul, MN
Further Information
Get more info on 'Community Development Bank'.
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