Senators to announce coalition reaches $1 billion goal for minority, community lending

A bipartisan Senate caucus announces that the Economic Opportunity Coalition has reached its $1 billion goal for minority and community lending.

Reaching the goal: Sens. Mark Warner and Mike Crapo will be joined by Treasury Deputy Secretary Wally Adeyemo to announce the milestone.
* The Economic Opportunity Coalition was formed last year with the goal of raising $1 billion for lending to minority and underserved communities.
* The funds will help boost minority-owned, rural, and small businesses emerging from the pandemic.

Supporters’ perspectives: The $1 billion in deposits will bring down loan-to-deposit ratios at CDFIs and MDIs, allowing increased lending to underserved areas.
* The new effort follows previous expansions of lending by CDFIs and MDIs, including a $12 billion federal investment tied to the pandemic relief bill passed in December 2020.

Bipartisan collaboration: The milestone showcases bipartisanship, as Sens. Warner and Crapo have worked together for years to increase lending for neglected communities.
* The Economic Opportunity Coalition was launched in July 2021 and includes Wells Fargo and Bank of America among its members.

View original article on NPR

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