As California’s Acting Comptroller of the Currency Michael J. Hsu noted in remarks on June 9, it is vital to our economy that substantive support continues for Minority Depository Institutions and Community Development Financial Institutions so that underserved communities are better financed into the future.

The state’s policy goals for deployment of federal State Small Business Credit Initiative (SSBCI) dollars emphasizes greater participation among Minority Depository Institutions not only in California, but across the country. We are fortunate to have one such institution in our own backyard -- Genesis Bank in Newport Beach. Our organization has recently certified the bank as a state loan guarantee participating lender, an unprecedented designation for a de novo institution. We congratulate Genesis Bank and look forward to working with this important institution going forward.