Building Capacity of Lenders to the Underserved
With applications due in July, here’s what CDFIs and minority banks need to know about the Treasury Department’s new emergency capital investment program.
Browsing: Minority depository institutions
SBA: PPP Funds Exhausted for All But CDFIs, MDIs
The Small Business Administration today informed trade associations that Paycheck Protection Program funding has been exhausted and that the PPP application portal will on Tuesday stop accepting applications for loans from most lenders.
Several Core Providers to Cover Cost for MDIs to Join RTP Network
The Clearing House, Jack Henry, FIS and Fiserv announced today that they will cover the cost for minority-owned depository institutions to join the RTP network.
McWilliams Previews FDIC’s ‘Mission-Driven Bank Fund’ to Support CDFIs, MDIs
The FDIC is setting up a Mission-Driven Bank Fund to help support minority depository institutions and community development financial institutions, FDIC Chairman Jelena McWilliams said today.
Banking Agencies to Allow Treasury’s Emergency Capital Investments to Count as Bank Capital
The Federal Reserve, FDIC and OCC today announced an interim final rule allowing Treasury investments made to community development financial institutions and minority depository institutions under the newly established Emergency Capital Investment program qualify as regulatory capital. Comments are due 60 days after publication in the Federal Register.
Fed Clarifies Guidance on MDIs
The Federal Reserve today clarified its guidance on how it defines minority depository institutions, and expanded its definition to include women-owned financial institutions.
Treasury Announces $9 Billion Investment in CDFIs, MDIs
The Treasury Department today announced that it will invest $9 billion in community development financial institutions and minority depository institutions through the newly established Emergency Capital Investment Program.
FDIC Publishes Strategic Plan to Enhance DEI Efforts
The FDIC today released a strategic plan outlining how it will focus its internal and external diversity, equity and inclusion efforts through 2023.
Podcast: Maggie L. Walker’s Historic Mission of Financial Empowerment
Historian Shennette Garrett-Scott tells the story of Maggie Lena Walker and her mission to help Black women find financial empowerment and professional career opportunities.
Brainard Highlights CRA Reform Proposals for Minority Banks
Speaking to the National Bankers Association, Federal Reserve Governor Lael Brainard today highlighted four new provisions specific to minority depository institutions in the Fed’s recent Community Reinvestment Act modernization proposal.