SANTA ANA, Califor. – The Association of Financial Development Corporations, which represents California’s small businesses sent a letter to Acting Comptroller Michael Hsu and Chairman Jerome Powell expressing its concern and impact of the proposed acquisition of MUFG Union Bank by U.S. Bancorp and U.S. Bank, and the impact the merger will have on California communities.
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The Association of Financial Development Corporations are comprised of seven non-profits who are strategically located throughout California and active in their local communities. The FDCs are overseen by the IBank which is under the Governor’s Office of Economic and Business Development (GoBiz). The FDCs operate independently under different names and provide loan guarantees through commercial banks, credit union and non-bank Community Development Financial Institutions (CDFI) within their respective markets. The FDCs also offer other critical assistance through regional, state and federal loan programs, financial literacy training and other aid. These services are a lifeline for small businesses allowing them to move past obstacles, expand their organizations, retain and create new jobs.
