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U.S. Treasury funnels $8.7 billion in COVID aid to community, minority lenders

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Reuters

By David Lawder 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 that was included in coronavirus relief legislation passed at the end of 2020. Harris had helped author the lending provision as a senator and it was signed into law b…

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