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Local banks pledge $100 million to finance affordable housing

Sacramento region affordable housing projects will see $100 million in new financing, through a new effort from five community banks that’s spearheaded by the Greater Sacramento Economic Council (GSEC).

This is the first initiative by the newly formed Community Reinvestment Coalition, launched by the GSEC. GSEC CEO Barry Broome brought regional banking leaders from First Northern, Five Star Bank, River City Bank, Suncrest Bank and Bank of the Sierra together to form the coalition

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New Compliance Bulletin Available

On December 15, 2020, the Federal Deposit Insurance Corporation (FDIC) adopted a final rule that creates a new framework for analyzing certain provisions of the “deposit broker” definition, including “facilitating” and “primary purpose”. The final rule took effect on April 1, 2021 with full compliance extended until January 1, 2022.

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OPINION: RISKY CALIFORNIA PUBLIC BANK PLAN WOULD DUPLICATE SERVICES

WBA President & CEO Steve Andrews has authored an opinion editorial addressing the banking industry’s concerns about a legislative proposal to create a public bank that would duplicate services already provided by banks. The opinion piece was published by the Bay Area News Group and appeared in the East Bay Times and San Jose Mercury News.