Treasury announces financial stabilization investments of $570 million
To provide support to banks, thrifts, and credit unions that lend to small businesses and families in underserved communities, the U.S. Department of the Treasury recently announced the completion of funding under its Community Development Capital Initiative (CDCI).
"At a time when many financial institutions have pulled back, CDFIs have actually increased their lending and investments in underserved communities," Gambrell said. "These CDCI investments will enable community banks, thrifts, and credit unions to spur economic development in the communities that have been hit hardest by the economic downturn."
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Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.