WASHINGTON (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 legislation passed at the end of 2020 and signed into law by former president Donald Trump.
(Reporting by David Lawder)
