A Letter from Cliff Rosenthal

March 2, 2012

Dear Members and Friends:

It is with profoundly mixed feelings that I want to inform you that I will be departing the Federation as of May 4, 2012, after working at the Federation for 32 years and leading it for nearly 30. I have accepted a position with the federal government that will allow me to pursue the mission that has guided me throughout my career: providing financial access and a route to economic self-sufficiency for low-income people. I will be assuming this position in Washington, DC on May 7.  

Together, we have traveled a long way – from an organization whose very existence was in question in the early 1980s, to a nationally recognized and respected voice for low-income communities, with a major role in the community development financial institutions (CDFI) movement -- a movement that we co-founded many years ago. The Federation is proud to count more than 200 credit unions in our membership, with total assets of some $13 billion and membership of 1.7 million. I can tell you that reaching these heights was beyond our wildest dreams back in the 1980s.

If I may borrow a phrase from the Peace Corps, this is the toughest job I’ve ever loved. Leaving is not easy – I’ve spent half my adult life here (you can check my social security card!).  But the Federation is strong, stable, and sustainable. Our board and staff are incredibly dedicated and experienced.  Yes, times are tough – but we know that CDCUs are more needed than ever. There are many opportunities to explore, many more communities to touch.

Over the coming weeks, you will hear more about our transition process. Over the next two months, I will be working constantly to ensure that this process is as smooth as possible, and will bring about a Federation even stronger than it is today.  

In cooperation,

Cliff Rosenthal

© 2012 National Federation of Community Development Credit Unions.