Boosting Local Banks and Lending for Minority and Underserved Communities.
This law aims to increase access to credit and financial services in minority and underserved communities by strengthening specialized local financial institutions. It reserves 40% of assistance funds for minority lending institutions and authorizes $4 billion for capital and technology upgrades for these entities. Citizens can expect better access to startup loans for young entrepreneurs and more modern services from their local community financial institutions.
Key points
40% of community development assistance funds will be reserved specifically for minority lending institutions.
Authorizes $4 billion for capital investment, including $250 million for technology grants to local banks and lending institutions.
Establishes a program to support young entrepreneurs, making it easier for them to secure startup capital.
Local financial institutions (MDI/CDFI) will gain easier access to liquidity through the Federal Reserve's discount window.
Status:
Expired
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