On August 18, 2016, "the U.S. Department of Energy announced the completion of the crude oil overcharge refund program. The end of the crude oil overcharge refund program also brings to a close the Bank Deposit Financial Assistance Program (BDFAP)..established to strengthen and expand minority and women-owned small business enterprises across the United States by purchasing certificates of deposit (CD’s) from minority-owned financial institutions. CD’s are savings accounts with fixed interest rates than can only be withdrawn after a specified date. The Department’s purchase of CD’s was done in coordination with the Treasury’s existing Minority Bank Deposit Program. The Department subsequently invested the bulk of the federal share of the crude oil overcharge funds in the BDFAP.
Approximately 140 banks participated in the BDFAP over its term. With the new CD’s, minority-owned financial institutions in communities across the country were able to provide loans and other banking services that supported small businesses and improved the financial health of their communities."
We will host a webinar on Black Banks The Webinar will be held on Wednesday, August 24, 2016 from 4:00 PM to 6:00 PM (EDT). To attend, please go to the link below. (Copy and paste into your browser.)
http://blackbanks.eventbrite.com
As we noted,
the number of black-owned financial institutions fell by by 24% from 2007 to 2009,
See:
http://fusion.net/story/336786/black-owned-banks-study-cir/
No comments:
Post a Comment