Treasury Department Officials Are Working to Diversify Bank Partnerships
August 7, 2020
The Treasury Department’s Corvelli McDaniel and Lorraine Cole have been serving in the federal government for a collective 37 years and now they are working together to diversify the department’s partnerships. Treasury is statutorily allowed to designate financial institutions as financial agents to provide essential services such as collecting federal tax revenue and making payments to Social Security and Veterans Affairs beneficiaries. McDaniel, assistant commissioner of revenue collections management at the Bureau of Fiscal Service, and Cole, chief diversity and inclusion officer, started Treasury’s Bank Mentor Protégé Program in 2018 to expand the scope of these partnerships to include more small, minority-owned and women-owned banks.