Rebeca Rainey Romero: Community Banking in Uncertain Times

A few months ago, I had the opportunity to visit the First National Bank of Oxford, a community development financial institution (CDFI) based in Oxford, Mississippi. I met with the entire leadership team, and across the board, each of them exhibited an undeniable, exuberant passion for the work they do. What’s more, they have risen to the challenge of thinking creatively about their work and its role in growing the bank. The team seemed to operate in overdrive in a way that’s ingrained in the culture of the organization. Their mission lies in pressing forward and doing the next best thing for the communities they serve. 

I bring it up because it struck me that this steadfastness amid challenge, and resilience amid strife, is a touchstone of all community banks. No matter the storms we face, we serve as pillars of our communities, strong amid turmoil and sure amid uncertainty. Whether difficulties arise from a legislative, regulatory, competitive, fraud or other issue, as community banks, we see the challenge and continue to hold steady for what matters in the long run: serving our communities. 

Navigating uncertainty

Consider the success and impact that community bank CDFIs have demonstrated all over the United States, and especially in rural America: Over a five-year period, CDFIs financed more than 252,000 small businesses to create or maintain more than 2.2 million jobs, and they provided more than $28 billion in loans and investments in a single year. Despite the uncertainty that has surfaced around CDFI appropriations, these institutions don’t cease in their mission. They continue to lean into the amazing work they do to serve these populations, because they are the constant within their communities, and they intend to remain true to their missions, no matter the shifts in the landscape. 

So much of what these institutions do is the core community banking story, and it’s our role to amplify all our stories to help not just lawmakers but the public recognize the incredible impact we make and the value we bring to the table. Together, we make a difference. 

That’s why, as you read this month’s issue, I hope you’ll dive deeper into the subjects that are affecting CDFIs and minority depository institutions (MDIs). Then, whether you’re a CDFI, MDI or another community banker, join us at ICBA LIVE to learn, connect and engage. As we have seen year after year, it takes this community of community bankers to stand firm and fight for our communities, one topic at a time.

Where I’ll be
this month

I’ll be in our Atlanta offices, spending time with the ThinkTECH Accelerator companies and visiting bankers and welcoming state community banking associations and their executives to Washington, D.C.