Recently, Deputy Secretary of the Treasury Wally Adeyemo and Counselor for Racial Equity Janis Bowdler engaged in a dynamic roundtable discussion alongside recipients of the Emergency Capital Investment Program (ECIP). Hosted by the University of California Investment Office (UC Investments), this gathering brought together key stakeholders committed to fostering economic opportunity.

ECIP, a program championing equality, incentivizes participating institutions to provide qualified loans in underserved communities. The Treasury Department has directly invested a substantial sum of approximately $8.4 billion into certified Community Development Financial Institutions (CDFIs) and minority depository institutions (MDIs), reinforcing their commitment to supporting inclusive economic growth.

During the conversation, the focus centered on how ECIP-backed CDFIs and MDIs in California are actively delivering financial products and services to nurture economic potential across diverse communities. This includes areas with concentrated low-income families, immigrant populations, individuals with limited English proficiency, and those who prefer conducting financial transactions in their native language. The roundtable participants underscored the significance of receiving deposits to bolster lending activities within these communities, which aligns with the Economic Opportunity Coalition’s commendable commitment of announcing $1 billion in deposits for ECIP recipients.

The collective of participating institutions and organizations encompassed a wide range of entities dedicated to driving positive change:

  • Beneficial State Bank
  • City First Bank
  • Community Bank of the Bay
  • ECHo Impact Fund
  • Episcopal Community Federal Credit Union
  • Financial Partners Credit Union
  • Lafayette Square
  • MERCO Credit Union
  • Northeast Community Federal Credit Union
  • PCB Bankcorp
  • Rabin Group
  • Self-Help Federal Credit Union
  • USC Credit Union
  • University of California

This assemblage highlights the collaboration required to transform aspirations into reality, with each participant contributing their unique expertise and resources.

Looking ahead, the impact of ECIP’s investments holds immense promise. By channeling financial support into underserved communities, we can unlock their full economic potential. This translates to increased opportunities for small businesses, affordable housing initiatives, and improved access to educational resources.

The roundtable discussion hosted by UC Investments and attended by Deputy Secretary Wally Adeyemo, along with Counselor Janis Bowdler, served as a testament to the shared commitment to building an inclusive economy. Through the ECIP program and the involvement of diverse institutions and organizations, we are taking crucial steps toward creating a more equitable society, where economic growth is accessible to all.

For regular updates follow us on Twitter and IG at @coolbruthas and Join our growing community!