CCEDA UNVEILS SURVEY INTO BANK SUPPORT FOR CALIFORNIA CDCS AND CDFIS
Retrieved on:
Wednesday, November 29, 2023
Western Alliance Bancorporation, PacWest Bancorp, City National Bank, Comerica, Farmers and Merchants Bank, Bank, HSBC, BMO, PNC Financial Services, Banner Bank, Citibank, Farmer, Cathay Bank, Community development, BIPOC, CDC 3000 series, Chairperson, Union Bank, U.S. Bancorp, Pacific Premier Bancorp, JPMorgan Chase, Morgan Stanley, Community, Bank of the West, Community development financial institution, Goldman Sachs, Capital One, FleetBoston Financial, PACE, Umpqua Holdings Corporation, Growth, Bank of America, Ally Financial, EastWest Bank, Wells Fargo, First Bank, First Citizens BancShares
LOS ANGELES, Nov. 27, 2023 /PRNewswire/ -- California Community Economic Development Association (CCEDA) in collaboration with Rise Economy, formerly known as the Community Reinvestment Coalition, has released the results of a survey aimed at illuminating the funding landscape for Community Development Corporations (CDCs) and Community Development Financial Institutions (CDFIs) across California. Conducted between August 2nd and September 21st, 2023, the survey reached out to over 100 CDCs and CDFIs, receiving 45 responses (40%).
Key Points:
- Conducted between August 2nd and September 21st, 2023, the survey reached out to over 100 CDCs and CDFIs, receiving 45 responses (40%).
- The top two banks cited by CDCs and CDFIs, especially BIPOC led CDFIs, were JP Morgan Chase and Wells Fargo Bank, while a large number of CDCs, more almost 40%, pointed to NO bank support.
- "This report stands as an important instrument in encouraging bank backing for the invaluable efforts of CDCs and CDFIs in California," stated Roberto Barragan, Executive Director at CCEDA.
- Fifty five banks were listed in the survey including JPMorgan Chase (including First Republic), Bank of America, Citibank, Wells Fargo Bank, US Bank (including Union Bank), PNC Bank, Goldman Sachs, Capital One, BMO (including Bank of the West), First Citizens Bank, Morgan Stanley, Ally Bank, HSBC, City National Bank, Comerica Bank, Western Alliance Bank, EastWest Bank, Umpqua Bank, Pacific Western Bank, First Bank, Cathay Bank, Pacific Premier Bank, Bank of Hope, Mechanics Bank, Banner Bank, First Foundation Bank, and Farmers and Merchants Bank (Long Beach).