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Neglected minority-owned banks now attracting billions in funding and donations


Neglected minority-owned banks now attracting billions in funding and donations
By Khristopher J. Brooks
How does COVID bill help Black-owned businesses?
The U.S. government is giving billions of dollars to minority-owned banks with an aim of helping to revitalize low-income communities in cities like Atlanta, Detroit and New Orleans. Some of the nation s largest financial institutions are also pitching in, recently commiting about $140 million to banks of color.
Minority Depository Institutions, or MDIs, have received $50 million as part of Bank of America s billion-dollar commitment last year to enhance racial equality, as well as $50 million and $40 million donations, from Wells Fargo and JPMorgan Chase, respectively, as part of similar pledges to support underrepresented communities.  ....

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Wells Fargo Invests in 5 Additional Black-Owned Banks


ByEdith Rocío Robles
Wells Fargo has invested in 11 Minority Depository Institutions in 2021 as part of a $50 million pledge and a commitment to foster economic growth in Black and African American communities
     On Tuesday, Wells Fargo & Company (NYSE: WFC) announced equity investments in five African American Minority Depository Institutions, or MDIs, as part of its March 2020, pledge to invest up to $50 million in Black-owned banks. 
     As part of the equity capital investment, Wells Fargo is also offering access to a dedicated relationship team that can work with each MDI on financial, technological, and product development strategies to help each institution strengthen and grow. ....

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Cannabis Banking: The SAFE Banking Act 2.0's Status, Key Modifications, and Prospects | K&L Gates LLP


Introduction
In September 2019, the U.S. House of Representatives passed the “Secure and Fair Enforcement (SAFE) Banking Act of 2019”,
1 the first stand-alone cannabis legislation to be approved by the House of Representatives. Earlier this month, revised versions of the bill were introduced in the House and Senate “to reform federal cannabis laws and reduce the public safety risk in communities across the country.”
2
Current Status
Representatives Ed Perlmutter (D-CO-7), Nydia Velázquez (D-NY-7), Steve Stivers (R-OH-15), and Warren Davidson (R-OH-8) introduced the “SAFE Banking Act of 2021”
3 on 18 March. To-date, they have recruited an additional 120 co-sponsors, including 16 additional Republicans. In the 116th Congress, the bill had 202 additional co-sponsors, including 25 additional Republicans, and was approved by a vote of 321-103 (including 102 Republicans). ....

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