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The CDFI fund supports mission-driven lenders operating in rural, tribal, and otherwise underserved parts of the country. Last year, it awarded over $400 million to those institutions.
The Federal Reserve just cut interest rates by a quarter of a percentage point. While that should affect rates throughout the economy, some lenders report that not much has changed.
Through uncertainty about the economic future of the U.S., community banks remain resilient and reliable safe haven as consumers look to save their money.
The banking sector has been moving away from charging overdraft fees for a few years now. CFPB scrutiny, along with the broader economy, has made it easier for banks to forgo that overdraft fee income.