The U.S. Impact Investing Alliance advocates for shared prosperity, accelerated by investments in robust pathways for economic mobility and opportunity. Community development financial institutions (CDFIs) are essential to enabling those investments. They are the financial lifeblood of so many U.S. communities, giving the economy a competitive edge and helping so many fulfill their own American dream.
U.S. Impact Investing Alliance Applauds Regulator’s Step Toward Modernized Fiduciary Duty
The U.S. Impact Investment Alliance praised proposed rules published today by the Department of Labor, which provide greatly improved guidance to the managers of 401(k)s and private pension plans, governed under the Employee Retirement Income Security Act (ERISA). Specifically, the rules acknowledge the clear and growing evidence of the financial risks posed by the climate crisis as well as the material importance of corporate America’s governance, workforce and other environmental, social and governance (ESG) practices.
An Urgent Call to Biden-Harris Administration: Create White House Initiative on Inclusive Economic Growth
The U.S. Impact Investing Alliance, B Lab and a group Of 60 impact-oriented organizations have formed the Coalition On Inclusive Economic Growth. This group will push and work with the administration on advancing policies that refocus corporations and investors on real and equitable value creation that promotes quality jobs, thriving communities and the resilience of our planet.
Alliance Applauds Department of Labor Decision to Provide ERISA Guidance on ESG Factors
This week, the Department of Labor announced that it would not enforce two recent rules – on “Financial Factors in Selecting Plan Investments” and “Fiduciary Duties Regarding Proxy Voting and Shareholder Rights” – pending further review and guidance for investors. The U.S. Impact Investing Alliance applauds this important step and continues to call for swift action to reverse the potential negative effects of these rules.
U.S. Impact Investing Alliance Supports IFRS Foundation Effort on Sustainability Standards
The U.S. Impact Investing Alliance today submitted public comments to the IFRS Foundation in response to the Consultation Paper on Sustainability Reporting. The IFRS Foundation is a not-for-profit international organisation responsible for developing a single set of high-quality global accounting standards, known as IFRS Standards. The Consultation Paper solicits public comment on the proposed creation of a new Sustainability Standards Board (SSB) that would look to promote consistent and comparable corporate reporting on key sustainability issues.
U.S. Impact Investing Alliance Applauds Historic Investment in CDFIs and MDIs in COVID Relief Package
The government spending and economic relief legislation passed by the House and Senate includes a vital set of bipartisan provisions to support community development financial institutions (CDFIs) and minority depository institutions (MDIs). The U.S. Impact Investing Alliance offered its praise for the provisions, which will help bolster community lending for small businesses and nonprofits in the country’s hardest hit communities.
U.S. Impact Investing Alliance Announces Spinout from the Ford Foundation
The U.S. Impact Investing Alliance today announced its spinout from the Ford Foundation following the completion of a four-year incubation period. The organization will be fiscally sponsored by New Venture Fund, a 501(c)(3) public charity, and the Alliance will now have more flexibility to work with stakeholders and engage with policymakers to help further develop the field and practice of impact investing. Darren Walker, President of the Ford Foundation, will continue to serve as Chair of the Alliance’s Advisory Board.
U.S. Impact Investing Alliance Publishes New Report on ‘Private Capital, Public Good’ With Bipartisan Call to Action
Comprehensive report includes 12 specific policy recommendations with the potential to catalyze impact investments to help address urgent social, economic and environmental challenges
Private Capital, Public Good - Updating the Impact Investing Public Policy Agenda
At a time of unprecedented social, environmental and economic challenges, it is imperative that the public and private sectors come together to chart the course for a just and inclusive recovery. To that end, the U.S. Impact Investing Alliance — with input from dozens of impact investors, community stakeholders and public policy experts — has spent the past several months discussing policy ideas with the potential to catalyze impact investments as one important tool to shape the response to our ongoing crises. These ideas will soon be published in a comprehensive report titled, “Private Capital, Public Good: Leveraging Impact Investing to Support a Just & Equitable Recovery.” Our goal with this work is to craft a set of narratives that could cut through the noise and make clear the role impact investors can play as Washington responds to this collective moment of crisis.
U.S. Impact Investing Alliance Opposes DOL’s Latest Attack on Long-Term Interests of Retirement Savers
The U.S. Impact Investing Alliance submitted public comments today opposing proposed regulations from the U.S. Department of Labor that would harm retirement savers and suppress their voices on critical environmental, social and governance issues.
Alliance Opposes Harmful DOL Rule on ESG Investing
The U.S. Impact Investing Alliance submitted a comment letter to the Department of Labor (DOL) today in opposition to the proposed changes to the fiduciary standard for ERISA-regulated retirement plans. The Alliance and its members strongly disagree with the substance of the DOL’s proposal, and we urge regulators to reconsider their foundational assumptions that either lack supporting evidence or are in direct contradiction with broadly accepted investment practices and theories.
Final CRA Rule Imperils Communities at a Time of Heightened Uncertainty
Today, outgoing Comptroller of the Currency Joseph Otting pushed through dangerous revisions to the Community Reinvestment Act (CRA) that threaten to undermine the bedrock of community investment activity in the United States. Tellingly, he was not joined in this effort by any of the OCC’s fellow regulators at the FDIC or the Federal Reserve. In its own words, the FDIC “recognizes the herculean effort community banks are making to support America's small businesses and families during this challenging time and encourages financial institutions to work constructively with borrowers affected by COVID-19.” We agree that an economic crisis is not the time to undermine community finance institutions or to saddle banks and investors with complicated new investment regulations.
CRA Reforms Jeopardize Impact Investments in Vulnerable Communities
The U.S. Impact Investing Alliance submitted comments to federal regulators today outlining our substantial concerns with proposed rules to fundamentally overhaul the Community Reinvestment Act (CRA). The proposed changes from the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) would significantly dilute the CRA, putting billions of dollars of community development activities at risk at a time when American communities need them the most. The Alliance previously submitted comments last month urging regulators to extend the rulemaking until well after the COVID-19 National Emergency is lifted, echoing similar calls from the Presidents’ Council on Impact Investing.
To learn more about the potentially harmful implications of the proposed rules from the OCC and FDIC, click here.
In Effort to Modernize CRA, Regulators Are Poised to Strip Community Development Tool, At a Time When Stability is Paramount
The COVID-19 pandemic and the threat of a prolonged recession or even depression will inflict long-lasting damage on our most vulnerable communities, even in a best-case scenario where we can restrain the virus’ spread. Leaders and institutions are rightfully looking to marshal every available resource to aid our collective response. We must move decisively to keep people in their homes, protect the well-being of those most vulnerable, and prepare businesses to reopen when possible. It is in this context that we are calling for the immediate suspension of efforts that could severely undermine the Community Reinvestment Act (CRA) and rob communities of desperately needed support.
Alliance Calls for CRA Rulemaking Extension Amid COVID-19 Pandemic
The U.S. Impact Investing Alliance submitted comments late last week urging federal regulators to extend the comment period for proposed changes to the Community Reinvestment Act (CRA) given the ongoing health crisis. The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) have proposed rules that would drastically alter the CRA, a key community development tool that requires banks to be responsive to their communities’ financial needs. While the Alliance plans to submit additional comments on the substance of the proposed rules, the initial comments call for the extension of the current April 8 deadline until 90 days after the National Emergency Concerning the COVID-19 Outbreak is declared over. The Alliance believes that stability for communities and banks right now is paramount as the country grapples with the health and economic impacts of the pandemic.
Alliance Statement on Final Rules for Opportunity Zones
The regulations released yesterday give important clarity to investors in Opportunity Zones, particularly those looking to invest in the kinds of operating businesses that create meaningful economic opportunity for residents of Opportunity Zones. Treasury also took important steps to preempt abuse – speculators won’t be able to buy up land for parking lots or safe deposit boxes. Unfortunately, this rule from Treasury fails to address public transparency and accountability in a meaningful way.
Launching the Tipping Point Fund to Help Scale the Impact Investing Field
Statement on Congressional Oversight of Opportunity Zones Implementation
Fran Seegull Testifies at IRS Hearing on Opportunity Zones
U.S. Impact Investing Alliance Executive Director Fran Seegull testified before the Internal Revenue Service on the importance of data collection and transparency in Opportunity Zones at a public hearing held February 14, 2019. Echoing written comments she called on the IRS and Treasury to take action to immediately begin collecting fund- and market-level information related to investments in Opportunity Zones.