Equality
Microsoft Backs New FDIC Fund for Minority-Owned Banks
By-
Discovery and Truist also investors in new $120 million fund
-
Bank regulator aims to serve low-income, minority communities
The Federal Deposit Insurance Corp. announced a $120 million investment fund backed by companies including Microsoft Corp. and Truist Financial Corp. that’s designed to serve low-income and minority communities.
Discovery Inc. is also an investor in the first-of-its-kind fund that will allocate capital to banks that provide financial services to low-income, rural and minority borrowers, the FDIC said in a press release Thursday. While the regulator will serve as an adviser, the agency will not be involved in investment decisions.
