"Wealth managers Bank of New York Mellon Corp., Warburg Pincus & Co. and Blackstone Inc. tied up with advocacy trade groups Community Development Bankers Association and National Bankers Association to launch the Advancing Communities Together (ACT) deposit program, which aims to boost deposits at banks serving low-income and minority communities.

At launch, four major financial firms deposited $35 million in the program, with additional deposits anticipated from a broad range of depositors, including corporations, foundations and universities, according to a press release.

Deposit management firm IntraFi LLC is powering the program with its network of 3,000 banks nationwide, giving depositors access to multimillion-dollar insurance from the Federal Deposit Insurance Corp., the release said.

According to IntraFi's website, the ACT program aims to bolster funding for community lending by making it easier for a participating bank that is a community development financial institution (CDFI) or minority depository institution (MDI) to acquire funds from socially motivated depositors."