Latest News
Federal Home Loan Bank of San Francisco
The Federal Home Loan Bank of San Francisco awarded $66.3 million in Affordable Housing Program grants to support 45 affordable housing developments across Arizona, California, and Nevada, serving seniors, tribal communities, formerly unhoused individuals, and low-income families. Notable CDFI recipients include Clearinghouse CDFI and Raza Development Fund, both of which delivered grants through the program.
Open Standard
Open Standard, a new payments consortium backed by more than 140 founding partners — including Visa, Mastercard, Stripe, BlackRock, and Chime — introduced a new stablecoin called Open USD. Open Standard in its announcement identified three design principles: build for scale, earn by default, and govern collaboratively. The list of founding partners is here.
CDFinance Policy
Federal Reserve Board
Fed Vice Chair for Supervision Michelle Bowman outlined the Financial Stability Board's new consultation report on responsible AI adoption, emphasizing proportional governance expectations. She said lower-risk uses should receive a lighter touch, and smaller institutions should not face the same expectations as large banks.
POLITICO
POLITICO reported that the CFPB, after months of attempted dismantling, has begun ramping up supervision of CDFIs while dropping enforcement actions against large corporations. Consumer advocates and current staffers say this new direction is the opposite of the agency's stated mission to protect small lenders and underserved borrowers.
