Community Development Banks - A Better Way for Low- and Moderate-Income Communities

Many people living in low- and moderate-income communities have limited access to financial resources such as banking services, credit, and capital. This can make it difficult for these individuals to build wealth, start businesses, or even save for the future. Fortunately, there is an organization that is dedicated to helping those in need – the Community Development Bankers Association (CDBA).

In this blog post, we will discuss how CDBA is making a difference in low- and moderate-income communities. We will also explore how their mission of providing access to financial resources is creating opportunities for economic growth and stability.

What Is The Community Development Bankers Association?

The CDBA is the national trade association of the community development bank sector. As the voice and champion of the industry, they educate policy makers, regulators, and legislators on the importance of community development banks and thrifts with a mission of serving low- and moderate-income communities. To put it simply – they are working hard to provide access to financial services within underserved areas that would otherwise be unavailable.

How Are They Making a Difference?

The CDBA has three main goals when it comes to helping low- and moderate-income communities: 1) Expand Access to Financial Resources; 2) Provide Technical Assistance; 3) Advocate for Fair Policies & Regulations. These goals span from educating policy makers about the importance of community development banks all the way down to providing technical assistance on matters such as loan underwriting or regulatory compliance. By doing so, they are creating more opportunities for individuals living in underserved areas as well as spurring economic growth within those same communities.

The Impact Of Their Work

The impact that CDBA has had on low- and moderate-income communities across the US cannot be overstated – especially in recent years. According to their website, “Since 2017 alone, community development banks have made more than $3 billion in loans directly into these neighborhoods” which has enabled them “to create more jobs, increase home ownership rates, expand small business ownership opportunities…and invest in other vital infrastructure projects” throughout those same areas. This work is not only having positive effects today but will continue into tomorrow by increasing access to financial resources within underserved areas leading to increased economic activity down the line.

The Community Development Bankers Association (CDBA) is an organization focused on improving access to financial resources within low- and moderate -income communities across America. Through their efforts at educating policy makers and providing technical assistance they have been able to spur economic growth within those same areas leading to increased job creation as well as more options when it comes to housing or starting businesses. The impact of their work cannot be overstated – it has been instrumental in creating opportunity where there was once limited options available – allowing individuals living within underserved areas an opportunity at building wealth while also investing back into their own local economies. It's clear that CDBA's dedication towards giving everyone a chance at success regardless of circumstance deserves praise!

Contact Information

Kent Curtis

Chairperson

1444 Eye St. NW, Suite 201

Washington, DC 20005

www.cdbanks.org

kent.curtis@fswb.com