{"id":1671231,"date":"2022-10-04T06:55:33","date_gmt":"2022-10-04T10:55:33","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1671231"},"modified":"2022-10-04T06:56:24","modified_gmt":"2022-10-04T10:56:24","slug":"private-firms-foundations-to-deposit-1-billion-at-minority-community-lenders-treasury","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/private-firms-foundations-to-deposit-1-billion-at-minority-community-lenders-treasury\/","title":{"rendered":"Private firms, foundations to deposit $1 billion at minority, community lenders-Treasury"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fprivate-firms-foundations-to-deposit-1-billion-at-minority-community-lenders-treasury%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1671231&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By David Lawder<\/p>\n<p>WASHINGTON (Reuters) \u2013     The U.S. Treasury will announce on Tuesday that a coalition of private firms and foundations will deposit $1 billion into minority-owned and community development financial institutions to boost their lending firepower in underserved communities.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\">\n<\/div>\n<p>A Treasury official said the commitment by the Economic Opportunity Coalition will be announced by Vice President Kamala Harris at the Treasury\u2019s annual Freedmen\u2019s Bank Forum focused on the Biden administration\u2019s efforts to boost economic opportunity in communities of color.<\/p>\n<p>The commitment from the 24 mainly financial firms and three foundations aims to build upon more than $8.7 billion in Treasury capital investments in minority banking firms and community development financial institutions at last year\u2019s forum.<\/p>\n<p>Those allocations were part of $12 billion in funding for such lenders from a COVID-19 aid bill passed at the end of 2020 and signed into law by former President Donald Trump.<\/p>\n<p>U.S. Treasury Secretary Janet Yellen last year issued a call to the private sector to add to the public investments to bring more capital into underserved communities. The firms including Bank of America,, Mastercard, PayPal, Micron Technology and the Ford Foundation announced their group\u2019s formation in July at an event with Harris.<\/p>\n<p>\u201cThe private sector is making valuable contributions, in addition to Treasury\u2019s work, to meaningfully address persistent disinvestment in marginalized communities,\u201d Yellen said in an emailed statement to Reuters. \u201cThe commitments announced today will be a force multiplier for the capital the Biden Administration has deployed.\u201d<\/p>\n<p>Additional deposits bring down a lender\u2019s loan-to-deposit ratio, which allows them to increase lending while still maintaining adequate liquidity.<\/p>\n<p>According to data from the Federal Reserve Bank of St. Louis, community banks typically aim to lend 80 to 90 cents of every dollar they hold in deposits, but weak loan demand and high deposit rates during the pandemic held the 2021 ratio to the mid-70% range.<\/p>\n<p> (Reporting by David Lawder; Editing by Sam Holmes)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/private-firms-foundations-to\/attachment\/signage-is-seen-at-the-united-states-department-of-the-2\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/tagreuters.com2022binary_LYNXMPEI930JA-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI930JA-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By David Lawder WASHINGTON (Reuters) \u2013 The U.S. Treasury will announce on Tuesday that a coalition of private firms and foundations will deposit $1 billion into minority-owned and community development<\/p>\n","protected":false},"author":66,"featured_media":1889486,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1671231","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_finder_url":"https:\/\/www.oann.com\/business\/private-firms-foundations-to\/?utm_source=rss&utm_medium=rss&utm_campaign=private-firms-foundations-to","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1671231","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1671231"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1671231\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1889486"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1671231"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1671231"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1671231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}