CDFI Credit Unions Build Inclusive Economies
Federation Launches Social Media Campaign Aimed at Legislators
FOR IMMEDIATE RELEASE
New York, NY – (April 4, 2017) - Today, the National Federation of Community Development Credit Unions (Federation) launched a social media campaign - CDFI Credit Unions Build Inclusive Economies - to illustrate the overwhelmingly positive impact CDFI credit unions have on the low-income communities they serve. During the month of April, the Federation will post the stories of credit union members who have benefited from the safe and affordable financial products and services that CDFI credit unions provide to consumers in underserved urban, rural, and suburban communities across the US, with links to representatives from the Congressional district in which the credit union is located. The Federation urges the credit union industry and the public to share these stories with legislators in a kind of virtual town hall to protect the CDFI Fund from the budget cuts proposed by the Trump administration for 2017 and 2018. The proposed cuts would leave the CDFI Fund with only administrative funds to run non-discretionary programs.
“CDFI Fund awards are investments, not charitable donations,” says Cathie Mahon, Federation CEO. “These small investments generate billions of dollars annually in the form of loans to build and improve homes, finance job mobility through wheels-to-work programs, grow businesses, increase jobs, expand access to affordable healthcare and childcare, and create greater financial capability to expand consumer purchasing power.”
The CDFI Fund is one of the Federal government’s best strategies for leveraging private dollars to restore economic vitality. CDFIs leverage $12 of private capital for every $1 of public investment. Despite serving some of the most economically distressed communities in the country, CDFI credit unions consistently outperform their peers in growth, earnings and the services they offer, by building new markets of eligible and successful borrowers. They specialize in developing loans to consumers needing support to become financially stable, including credit builder loans, alternatives to payday or auto title loans, and micro and small business loans. CDFI credit unions also invest in their members by making sure that their borrowers not only have access to credit, but succeed with it, by offering financial coaching, homebuyer counseling, and foreclosure prevention services. CDFI credit unions reach consumers that other financial institutions are often unable, or unwilling, to help.
The Federation represents more than 280 CDFI credit unions, who serve over 7 million members with more than $70 billion in combined assets across 46 states. The Federation was instrumental in establishing the CDFI Fund and has a permanent seat of the CDFI Coalition board of directors.
The impact stories that the Federation will be sharing on Facebook, Linkedin, and Twitter throughout April will included expanded versions on the Federation’s website, www.cdcu.coop. Find the Federation’s first post today on Facebook at http://www.facebook.com/nfcdcu/, on Twitter at @CDCU_Federation, and on Linkedin at https://www.linkedin.com/company-beta/999948/.
About the Federation
The National Federation of Community Development Credit Unions is a certified CDFI Intermediary representing community development credit unions (CDCUs). The Federation’s member CDCUs provide credit, savings, transaction services and financial education to over 6 million residents of low-income urban, rural and reservation-based communities across the US, and hold over $60 billion in community-controlled assets. Founded in 1974, the Federation is headquartered in Lower Manhattan with offices in Madison, WI. The Federation offers a wide range of advocacy, educational, training, investment, marketing, and outreach programs to support and assist CDCUs. For more information about the Federation and its programs, please visit www.cdcu.coop.
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