Treasury Secretary-designate Janet Yellen met with representatives of Community Development Financial Institutions and Minority Depository Institutions and made a commitment on behalf of the Biden Administration to support the program.
President Trump appears to have gone back on a commitment he made during the recent presidential campaign and is once again opposing funding for the Community Development Financial Institutions program.
The Financial Crimes Information Network (FinCEN) has released a final rule requiring banks and credit unions that are not regulated by the federal government to comply with Anti-Money Laundering regulations.
In a major policy reversal, the Trump Administration announced Thursday that it was setting aside $10 billion in the Paycheck Protection Program for loans made by Community Development Financial Institutions.