Generating Positive Impact Through the ACT Deposit Program with Brian Argrett
Release Date: 10/24/2024
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info_outlineToday, I’m excited to speak with Brian Argrett, Chair of the Board Directors and President and CEO of Broadway Financial Corporation and its banking subsidiary City First Bank, the largest Black-led minority depository institution (MDI) in the nation.
Impact investing is an increasingly important topic for enterprise families and family offices. Our conversation today focuses on a truly unique and attractive avenue for positive impact available to enterprise families and family offices, which is made possible thanks to the Advancing Communities Together Deposit Program, or ACT – an innovative program that provides an easy and fully insured way for family offices to invest their excess cash directly in the financial institutions dedicated to lifting up communities in need.
Brian describes the greater goals of the ACT program, why it is needed, what the issues or challenges it is meant to address, and what opportunities it is designed to unlock. The ACT Deposit Program was launched in the summer of 2024 by the national trade associations representing Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs). Brian explains how the ACT program works and defines the role of CDFIs and MDIs in delivering the intended impact and benefits of the program. He shares his views on why this program has strong appeal to family offices and enterprise families.
Delving into the practical details of how the ACT program functions, Brian details the mechanics of the program, including some of the key elements family members and family office executives should be aware of, such as minimum deposits, interest rates earned, minimum maturity, etc.
Brian also talks about what families and family office leaders can do to get involved with and take advantage of the ACT program. He offers an overview of existing resources and tools for them to get educated and ready to participate and contribute to the positive impact of this program.
Enjoy this timely and informative conversation with a leading champion of the ACT program and long-time thought leader and practitioner in the impact banking space.