Center for Responsible Lending Coalition Letter to Treasury on Community Financial Institutions Funding in Paycheck Protection Program Expansion - April 27, 2020

CDBA joined a coalition of civil rights, faith, and community development organizations led by the Center for Responsible Lending in writing to Secretary of the Treasury Steven Mnuchin urging that the Treasury direct the Small Business Administration (SBA) to designate that Community Financial institutions (CFIs) receive one-third of the $30 billion set aside for three groups of lenders—CFIs, small insured depository institutions, and credit unions—pursuant to H.R. 266, the Paycheck Protection Program and Health Care Enhancement Act. Because CFIs—a group which includes MDIs and CDFIs—are the only lenders among those three that specifically aim to serve communities of color, the letter contends that reserving $10 billion to CFIs is the only way to ensure that businesses of color have access to this lifeline before the money runs out.

Monday, April 27, 2020
Press Release: 
Center for Responsible Lending