• Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer
Saturday, June 10, 2023
SLC Online News
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
No Result
View All Result
Home News

U.S. Treasury Allocates $8.7 Bln To Community, Minority Lenders – Reuters

us-treasury-allocates-$8.7-bln-to-community,-minority-lenders-–-reuters
Share on FacebookShare on Twitter

A picture illustration shows U.S. 100-dollar bank notes taken in Tokyo August 2, 2011. REUTERS/Yuriko Nakao

Register now for FREE unlimited access to reuters.com

WASHINGTON, Dec 14 (Reuters) – U.S. Vice President Kamala Harris and Treasury Secretary Janet Yellen on Tuesday announced more than $8.7 billion in capital investments in community development financial institutions and minority-owned banking firms to boost lending in disadvantaged areas, the Treasury said.

The capital allocation for 186 institutions is part of $12 billion in funding provided for CDFIs and minority banks included in coronavirus relief and government funding passed at the end of 2020 and signed into law by former President Donald Trump.

“We know that the communities hurt most by COVID-19 have often been communities of color, and Treasury has implemented relief legislation with equity in mind,” Yellen said in a statement. “Today, we’re seeing one result of that effort: Treasury, through the Emergency Capital Investment Program (ECIP), is injecting nearly $9 billion into Community Development Financial Institutions and Minority Depository Institutions.”

Register now for FREE unlimited access to reuters.com

The investment follows an initial allocation of $1.25 billion from the COVID-19 relief funds to 863 community lenders in June.

The states with the largest number of institutions being offered new capital include Mississippi, Louisiana, North Carolina, California, and Texas, the Treasury said.

Among the institutions recommended for an ECIP investment, approximately 54% are banks and 46% are credit unions. The ECIP investments will range in size from more than $200 million to less than $100,000, the Treasury said, with $3.1 billion offered to 57 minority depository institutions.

These institutions often make smaller loans to small, independent businesses, and work with borrowers facing racial barriers who need more time-intensive technical support.

The announcement came at the Treasury’s annual Freedman’s Bank Forum, launched in 2016 by then-Treasury Secretary Jack Lew when he renamed the Treasury Annex building across from main Treasury the “Freedman’s Bank Building.”

Abraham Lincoln created the Freedman’s Savings and Trust Co in 1865 for newly emancipated Black Americans to safeguard their earnings, build financial security and generate family wealth. The bank helped some 100,000 Black people and institutions amass $57 million in savings and wealth, and paved the way for today’s minority depository institutions.

But the racial wealth gap persists. U.S. data shows the typical white family has eight times the wealth of the typical Black family and five times that of the typical Latino family.

Register now for FREE unlimited access to reuters.com

Reporting by David Lawder; Additional reporting by Nandita Bose; Editing by Paul Simao

Our Standards: The Thomson Reuters Trust Principles.

SLC Online News

© 2021 SLC Online News

Navigate Site

  • Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer

Follow Us

No Result
View All Result
  • Home
  • DMCA Policy
  • Medical Disclaimer
  • Privacy Policy
  • Disclosure
  • CCPA
  • Terms of Use

© 2021 SLC Online News

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT