ICBA testified before Congress on promoting inclusive lending during the coronavirus pandemic by community development financial institutions, minority depository institutions, and other community banks.
At the House Subcommittee on Consumer Protection and Financial Institutions hearing, ICBA Minority Bank Council Vice Chairman James Sills said the Paycheck Protection Program has been a good fit for his customer profile, though reforms are needed.
The president and CEO of M&F Bank in Durham, N.C.—a CDFI and MDI—expressed support for House-passed provisions that provide small-business borrowers more flexibility in spending PPP funds. He also called for additional changes to the PPP, such as allowing a presumption of compliance for loans of $1 million or less with borrower certification.