City National Bank’s Community Reinvestment Act department has a new leader.
Adey Tesfaye, who succeeds Sal Mendoza, was put in charge of the department last month. Mendoza had been in the role since 2008 and retired in January.
Tesfaye now leads the bank’s community development and small-business loan initiatives targeting low-to-moderate income areas.
“This work will never be done, and Adey and her team will play an essential role in City National’s efforts to address the wealth gap and create opportunities for the individuals, families and small businesses in our communities, said David Cameron, executive vice president of personal and business banking at City National.
Tesfaye honed her expertise in Community Reinvestment Act compliance across multiple financial firms.
Tesfaye joins a relatively new executive suite at City National. Last fall the bank brought in three executives from the Ohio-based Fifth Third Bank. Former City National chief executive Kelly Coffey, who helmed the bank for almost four years, was moved to lead the newly formed City National Entertainment division.
The management shuffle came after a tumultuous year for the bank, and the turbulence managed to trickle into this year.
At the end of January City National was fined $65 million by the Office of the Comptroller of the Currency for what the agency called “systemic deficiencies” in risk management and internal controls. Last year, City National paid $31 million to settle a Justice Department lawsuit that accused the bank of violating discrimination laws.
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