CNN BUSINESS | FDIC teams with Discovery, Microsoft for $120 million minority-owned bank fund 

The 125th Street branch of Carver Federal Savings Bank in Harlem in New York on March 24, 2015.

New York (CNN Business) – The Federal Deposit Insurance Corporation on Thursday unveiled a new fund to increase investments made with the nation’s minority-owned and mission-driven banks, helping them expand economic opportunities in the communities they serve. 
 
The FDIC said the Mission-Driven Bank Fund has raised at least $120 million since 2019 from a number of investors, including founding investor Discovery Inc (DISCA). and anchor investors Microsoft (MSFT) and Truist Financial Corp (TFC). Discovery is in the process of merging with CNN’s parent company, WarnerMedia. 
 
Minority-owned banks — also known as minority depository institutions, or MDIs — and community development financial institutions, known as CDFIs, tend to operate in low-to-moderate income communities. They are often better positioned than mainstream consumer banks to fund projects and lend to the people who live there, according to the FDIC.  —read more—