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Updated: 10 min 34 sec ago

RE: CBA Application

Mon, 2019-06-24 10:47
From : Communities>>Open Forum
Update - the SC Department of Consumer Affairs had their attorney draft a letter stating that non-consumer lenders do not need a license.  Thank you to all that reached out offline! ------------------------------ Cindi Rourk Loan Officer Charleston LDC Charleston SC (843) 973-7298 ------------------------------

RE: CBA criteria

Fri, 2019-06-21 12:37
From : Communities>>Open Forum
Thank you Sarah for your followup. I hope that a few Native CDFI's might give how they got around it. Being governed by the tribe it is difficult to change the way things are done, such as the database storage kept within our direct office. We share a building with IT but do not have network hard drive stored in our office. We are trying to figure out creative ways to continue with our CBA application, but also adhere to tribal policy. We are also required to burn our documents, per tribal [More]

RE: CBA criteria

Fri, 2019-06-21 11:17
From : Communities>>Open Forum
Hi Syd, Thanks so much for reaching out to the larger group on this issue. It is a bit of a bear, and we really wish it was easier to navigate.  Just wanted to chime in, in case this helps, to share CBA's position. Data security, as we all know, is a critical issue for the credit bureaus (and of course for us all!). To ensure that our members who are working to get credentialed to report their loans (or to purchase soft/hard inquiry credit reports) are employing best practices and also able to pass [More]

RE: Panelists for potential OFN conference session

Thu, 2019-06-20 19:23
From : Communities>>Open Forum
Hi A.J. - my focus is on CDFIs that intentionally embed client outcome tracking into the provision of post-loan technical assistance in a way that makes data collection more efficient, improves client response, and which can also improve mitigating risk. Thanks. ------------------------------ Jason Friedman Principal Friedman Associates 319-341-3556 jasonj@friedmanassociates.net www.friedmanassociates.net ------------------------------

Consumer Lender Round Table Series

Thu, 2019-06-20 17:09
From : Communities>>Open Forum
Are you doing smaller dollar consumer lending? Want to connect with others and learn more about what's working (and what's not working)? CBA is launching a round table series for nonprofit small dollar consumer lenders on topics of interest to you! During the series we will highlight the work nonprofit lenders, share adaptable tools and resources, and create space for discussion within our community of lenders. Below are descriptions of two webinars coming up in the next few weeks- please join us! [More]

RE: Panelists for potential OFN conference session

Thu, 2019-06-20 12:12
From : Communities>>Open Forum
HI David, We have a lot of knowledge and insight in this area.  Question - do you need someone to moderate this panel with you, or do you simply want information that you'll incorporate into your presentation? ------------------------------ A.J. Poulin Applied Business Software www.themortgageoffice.com www.theloanoffice.com aj@absnetwork.com 800.833.3343 x 118 Long Beach, CA ------------------------------

RE: Reopened: 2019 Federal Reserve Survey of CDFIs

Thu, 2019-06-20 11:28
From : Communities>>Open Forum
This is the last call! The survey closes at 11:59 pm (your local time) tonight, June 20th. If you have already ​started the survey, just click the link in the original post again to pick up where you left off. Questions? Reach me at Surekha.Carpenter@rich.frb.org or call (804) 663-6013. ------------------------------ Surekha Carpenter Federal Reserve Bank of Richmond ------------------------------

CBA Application

Thu, 2019-06-20 10:30
From : Communities>>Open Forum
The LDC is completing our application to begin reporting to the bureaus through Credit Builders Alliance, and the only outstanding item is proof that we do not need a lending license. The LDC only lends to businesses, never to consumers. I've contacted every state agency I can think of with no results. Does anyone have a solution? Many thanks - Cindi Rourk | Loan Officer 2 Race Street, Charleston, SC 29403 o: 843.965.4089 www.charlestonldc.org cindi@charlestonldc.org Lending for Opp [More]

Panelists for potential OFN conference session

Wed, 2019-06-19 16:43
From : Communities>>Open Forum
Dear Colleagues - I have been approached by some CDFIs to moderate a panel on how a well-designed customer relationship experience improves portfolio performance, impact tracking, and brand loyalty. If your organization would like to share it practices in this area, please contact me off line. Thanks. ------------------------------ Jason Friedman President and CEO Friedman Associates 319-341-3556 jasonj@friedmanassociates.net www.friedmanassociates.net ------------------------------

RE: Risk Management Panel at OFN Conference?

Wed, 2019-06-19 14:12
From : Communities>>Open Forum
Yes!  Enterprise Risk Management.  Possibly too late.. ------------------------------ Julie Mahowald Chief Financial Officer Housing Trust of Silicon Valley San Jose CA (408) 436-3450 ------------------------------

RE: Board of Directors Meeting Minute Recording

Wed, 2019-06-19 14:11
From : Communities>>Open Forum
Hi Jennie, we do a mix.  Most critical is that decisions are recorded and specific approved dollar amounts and details are included.  Depending on your board or committee, it is sometimes helpful to add color to a discussion especially for people who weren't in attendance and the topic will continue in future meetings.  But we often find ourselves listing the topic and stating "questions were asked and discussion ensued." ------------------------------ Julie Mahowald Chief Financial Officer Housing [More]

RE: CBD Business Lending Legality

Wed, 2019-06-19 12:12
From : Communities>>Open Forum
Hi Hannah, We just went through this discussion with USDA RD, and no, you cannot currently use federal funds for lending to CBD-related businesses. While the 2018 Farm Bill loosened things up a lot, the implementation work takes time, so USDA public comment periods on new proposed regulations are open and I think running through the summer, which will then be followed by writing/updating of regulations, etc. I would imagine the restriction also applies to federally funded TA. For our federally funded [More]

RE: CBD Business Lending Legality

Wed, 2019-06-19 11:06
From : Communities>>Open Forum
Hi Hannah - we had a similar question regarding a hemp farmer and asked the SBA directly.   The response we got from them is that it is ok to use their funds (for hemp farming anyway, we did not ask a broader question) - so I assume it is ok to provide TA to those businesses.  Where we hit the wall is that we have several lines of credit from banks and the federal proscriptions against banks lending to any type of hemp, CBD, medical marijuana, etc or related business, whether legal under state statutes [More]

RE: CBD Business Lending Legality

Wed, 2019-06-19 11:04
From : Communities>>Open Forum
Thank you, my friend, Tracy! This is helpful, though you're right in your articulation -  we are asking if CBD products are legal under federal law. Frankly, I suspect there is no clear answer and the conservative approach is to assume they are not legal and wait for new regulations/court rulings, as Mike suggests. That said... The FDA has an  FAQ page , which includes this: 4. Aside from Epidiolex, are there other CBD drug products that are FDA-approved? What about the products I've seen in stores [More]

RE: CBD Business Lending Legality

Wed, 2019-06-19 10:51
From : Communities>>Open Forum
The USDA still hasn't published the rules around the legal production of hemp based on the 2018 Farm Bill, although these will be out after the public comment period ends, likely next quarter. States will be required to regulate production, testing and disposal (if the oil content is greater than the 0.3 level allowed) but can't set up that oversight until the USDA rules are published. Unless the business is operating under the provisions of the 2014 Farm Bill, which allowed certain hemp businesses [More]

RE: CBD Business Lending Legality

Wed, 2019-06-19 10:41
From : Communities>>Open Forum
Hi Hannah. SBA's perspective (which may not necessarily be consistent with other government agencies, but is a good indication) is "businesses that derive revenue from marijuana-related activities or that support the end-use of marijuana" are generally ineligible for SBA financial assistance, but that businesses producing or selling legal (under federal law) products derived from hemp would be eligible. Like you, I'm not clear on whether CBD is considered legal under federal law though, and that [More]

MSP Cloud Provider

Wed, 2019-06-19 10:00
From : Communities>>Open Forum
Hi All, We are beginning to explore the possibility of switching our MSP Cloud Provider. Please share your views on any selection process you have been through. It would be great to hear about your experiences with the service. Thanks ------------------------------ Hari Krishnan New Jersey Community Capital New Brunswick NJ ------------------------------

CBD Business Lending Legality

Tue, 2019-06-18 10:18
From : Communities>>Open Forum
Hello! Does anyone have insight/experience in lending to CBD related businesses? We are questioning the legality of CBD oil manufacturers and wholesale/retail sellers, lending to them and even providing technical assistance supported by federal funds. While commercial hemp production was made legal in the most recent Farm Bill, there seems to still be a lot of gray area around the manufacturing/sale/use of the oil.  Any information or resources would be helpful. Thank you! ------------------------------ [More]

RE: Management Training Program

Mon, 2019-06-17 17:13
From : Communities>>Open Forum
We use ADP for payroll and they actually offer great training programs. If you use them I would reach out to your account rep! Melissa Johnson | Director of Portfolio Management, nCino Administrator melissaj@ccdfi.com | www.clearinghousecdfi.com o: 949.525.4960 | m: 714.310.9163 **Be aware! Online banking fraud is on the rise. If you receive an email containing WIRE TRANSFER INSTRUCTIONS call the loan servicing department at 949-334-2810 immediately to verify the information prior [More]

CBA criteria

Mon, 2019-06-17 14:42
From : Communities>>Open Forum
Greetings, We are a Native emerging CDFI that wants to utilize the services of CBA. When we had our intake phone conference we were told that we most likely wouldn't be approved because our server with our data is not in our direct office. I am positive that others who work in and among Native CDFIS might have faced this issue. Our computer server is housed within our IT dept., that provides access for the entire tribe. My questions are: Has anyone faced a similar problem? If so how did you [More]

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