CDFI Fund announces Bank Enterprise Awards

by David Baumann, CUCollaborate

The Community Development Financial Institutions (CDFI) Fund on Wednesday announced it has awarded $26 million to 158 Federal Deposit Insurance Corp. (FDIC)-insured banks as part of its FY21 round of the Bank Enterprise Award (BEA) Program.

Through the program, the CDFI provides monetary awards to FDIC-insured depository institutions that have demonstrated an increase in investments in CDFIs or through their own lending, investing or service activities in the most economically distressed areas.

How the Awards Impact Credit Unions

The Treasury Department said the banks receiving the award had worked with 15 credit unions as “partners.”

 

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