The Federation is the credit union resource on all things CDFI!
Interested in becoming certified, need assistance with an application, or simply want to learn more? We can help!
For additional information & resources on Treasury's New Community Development Capital Initiative, click here.
To view all our CDFI offerings, please click here.
Top Headlines
Federation, NCUA Host Joint Conference Call on New CDFI Capital Initiative
On March 4, 2010, National Credit Union Administration (NCUA) Board Chairman Debbie Matz and National Federation of Community Development Credit Unions (Federation) President/CEO Cliff Rosenthal held a joint audio conference. The call was designed to provide low-income credit unions with specifics about the U.S. Treasury Department’s new Community Development Capital Initiative (CDCI) and was open to low-income designated credit unions interested in applying for secondary capital from the Treasury Department’s Community Development Capital Initiative. The session was attended by over 100 participants, and included information from NCUA, the U.S. Treasury Department, and the Federation.
To access a summary and detailed notes from this call, please click here.
For additional information about this new program, please click here.
Federation’s Community Development Investment Program Gets New Leader
(February 25, 2010 – New York, NY) Terri J. Fowlkes, former Director of the CDCU Mortgage Center, LLC, has rejoined the National Federation of Community Development Credit Unions (Federation) in an expanded role as Director of the Community Development Investment Program.
She succeeds Alice Greenwald, who departs the Federation after the successful completion of the Federation’s $25-million capital campaign, the largest in the organization’s history. “In her five-year tenure at the Federation, Alice achieved unprecedented success in raising socially responsible investment capital for credit unions that serve low-income communities," explained Federation President/CEO Clifford N. Rosenthal.
Ms. Fowlkes, similarly, brings far-reaching experience in the financial sector to the Federation. She is the founder and principal of TJF & Associates LLC, a strategic planning and business development consulting firm. Previously, Ms. Fowlkes was Senior Vice President / Director of Strategic Markets at Citi, with responsibility for developing national strategies and initiatives to grow low-to-moderate income and ethnic minority business across Citi’s Consumer Lending Group business lines, which included real estate, auto and student loan lending.
“We are doubly fortunate in this transition,” added Rosenthal. “Terri was the first Director of our CDCU Mortgage Center, LLC, which she will now oversee as part of her new duties.
To read the full press release, please click here.
CDCUs to Gain Access to Treasury Capital
(February 3, 2010 – Washington, DC) At a meeting with key leaders of community development credit unions (CDCUs) and community development banks, Treasury Secretary Tim Geithner announced yesterday a major capital investment program for depositories certified as community development financial institutions (CDFIs). The CDCU movement was represented at the private session by Clifford N. Rosenthal, Federation President/CEO, and Luis Pastor, CEO of Latino Community Credit Union (Durham, NC), one of the most prominent CDCUs in the nation.
While final terms and guidelines for the program have not yet been announced, Rosenthal estimated that as much as $200 million could be invested in more than 100 qualifying credit unions serving low-income communities. “This program is a milestone in the history of the CDCU movement,” explained Rosenthal. “The Federation has worked for more than two decades to win support for credit unions that serve low-income communities across the country. The establishment of the CDFI Fund in 1994 was a great victory. This is another.”
The program will be limited to community development credit unions and community development banks certified as community development financial institutions by the Treasury Department’s CDFI Fund. “There are currently more than 150 credit unions certified as CDFIs,” said Rosenthal. “We know that many more CDCUs qualify for this designation, and we will work intensively with our members and other interested credit unions over the coming months to help them become certified.
Since 1994, the U.S. Treasury Department’s CDFI Fund has invested over $1 billion in community development financial institutions nationwide. The Federation drafted the original concept paper used to advocate for creation of the CDFI Fund, and served as co-founder of the CDFI Coalition, which represents the spectrum of community development financial institutions of various types. Federation President/CEO Cliff Rosenthal was the first elected chairman of the CDFI Coalition, where he continues to serve on their Board of Directors.
The Federation is itself a certified CDFI Intermediary with more than $50 million in assets under management through its Community Development Investment Program (CDIP).
To read the full press release, please click here.
Get the facts about this new initiative by clicking here.
To access the Federation's CDFI Fund resources, please click here.
