Category: Public Policy

US Labor Department Releases New Guidance Note on Economically Targeted Investments for Pension Funds

US Labor Department Releases New Guidance Note on Economically Targeted Investments for Pension Funds

On October 22, 2015, the U.S. Department of Labor (DOL) issued Interpretive Bulletin 2015-01 (“IB 15-01”), which provides clarification on the conditions under which a fiduciary of a plan that is subject to the fiduciary standards of the Employee Retirement Income Security Act of 1974 (“ERISA”) may invest plan assets in economically targeted investments (“ETIs”). Put simply, the conditions required for ERISA pension funds to able to invest in ETIs.

Senate Appropriations Committee Passes Financial Services and General Government Bill

Senate Appropriations Committee Passes Financial Services and General Government Bill

Yesterday, (July 23, 2015) the Senate Appropriations Committee reported out a Fiscal Year 2016 spending bill for Financial Services and General Government which included appropriations for the Treasury Department and the CDFI Fund. The Committee’s reported bill included a level of $221 million for the CDFI Fund–an amount $9.5 million below the FY 2015 level and $12.5 below…

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Senate Approves Tax Extenders Legislation

Senate Approves Tax Extenders Legislation

The Senate Finance Committee approved on July 21, 2015 a tax extender package.  The bill includes an amendment by Senator Cardin to increase NMTC credit authority to $3.94 billion for 2015 and 2016. The cost of the amendment is $230 million over the 10 year scoring period.  From 2008 to 2015, inflation reduced the Credit by…

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CDFI Fund to Hold National Listening Tour on a Community Development Finance “Framework for the Future”

CDFI Fund to Hold National Listening Tour on a Community Development Finance “Framework for the Future”

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today a national listening tour to solicit public opinion regarding a new strategic framework for the CDFI Fund. The CDFI Fund is particularly interested in hearing input on the following: Program Effectiveness: Are the CDFI Fund’s programs working optimally for communities? …

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U.S. Treasury Announces $3.5 Billion in NMTC Awards to Stimulate Economic Growth

U.S. Treasury Announces $3.5 Billion in NMTC Awards to Stimulate Economic Growth

On June 15, the U.S. Treasury Department’s CDFI Fund announced that more than $3.5 billion in New Markets Tax Credit (NMTC) awards would aim towards spurring investment and economic growth in low-income urban neighborhoods and rural communities throughout the country. A total of 76 organizations (allocatees) will receive tax credit allocation authority under the 2014 round of…

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Community Development Venture Capital Fund Training

Community Development Venture Capital Fund Training

The CDFI Fund is sponsoring a great opportunity to learn about and receive training and assistance in forming and operating a Community Development Venture Capital (CDVC) fund.  We are cooperating with our sister CDFI trade associations in providing a series of two-day training sessions this summer.  These sessions are provided FREE of charge under a…

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FY 16 CDFI Appropriations Update

FY 16 CDFI Appropriations Update

The pace has begun to pick up on Fiscal Year (FY) 2016 Appropriations. On April 22nd, the House Appropriations Committee approved the 302 (b) allocations for the 12 appropriations subcommittees. For the Financial Services Subcommittee, the total available is $20.25 billion, which is $1.6 billion less than the FY 2015 rate and almost $4 billion below…

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Bill Introduced to Permanently Extend NMTC

Bill Introduced to Permanently Extend NMTC

Three members of the House Ways and Means Committee, including Congressmen Pat Tiberi (R-OH), Tom Reed (R-NY) and Richard Neal (D-MA), introduced a bill to permanently extend the New Markets Tax Credit (NMTC) Program.  New Markets Tax Credit Extension Act of 2015 would ensure that rural communities and urban neighborhoods left outside the economic mainstream have access…

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CDVCA endorsement of SSBCI bill

CDVCA endorsement of SSBCI bill

CDVCA supports the ‘Small Business Access to Capital Act of 2014’ bill for its potential to stimulate job creation across the states by making available much needed capital to small businesses and leveraging private capital. CDVCA from its  experience managing the Innovate NY Fund, New York State’s SSBCI funded venture fund of funds, has seen…

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