Hunton Andrews Kurth LLP is proud to play a critical role in helping banks serve low- to moderate-income areas that are often underbanked or unbanked. Our work with Community Development Financial Institutions (“CDFI”) and Minority Depository Institutions (“MDI”) has involved advising clients on questions regarding the CDFI certification process and obtaining MDI status from the applicable federal regulatory agencies, as well as funding and capital solutions for these institutions.
Hunton has also assisted a number of CDFI and MDI clients in securing funds related to the Emergency Capital Investment Program (“ECIP”) from the US Treasury. As of July 2022, we have closed approximately $1.095 billion in ECIP funds, which is roughly 12 percent of the total ECIP funds available. Under ECIP, the US Treasury provided up to $9 billion in capital directly to CDFIs and MDIs to, among other things, provide loans, grants, and forbearances for small businesses, minority-owned businesses, and consumers, especially in low-income and underserved communities that may be disproportionately impacted by the economic effects of the COVID-19 pandemic.
Hunton’s financial institutions corporate and regulatory group focuses on bank regulatory and corporate matters. Lawyers within the practice group represent banks, thrifts, foreign banks, their branches and agencies, and other financial institutions, as well as bank and thrift holding companies and their officers, directors and owners. Hunton has decades of experience representing clients in the banking industry and providing a solid foundation for our representation of clients in a broad range of transactions. Our practice includes regulatory representation at state and federal levels.