Community Development Banking List
12-22-2008, 08:58 AM
Original message from: info@cdfi.org
E-Newsletter
December 22, 2008
In This Issue:
* 2009 CDFI Institute
* Advocacy Update
* CDFI Fund Subcommittee Meeting
* Coalition Letters
* Congressional Letter Supporting CDFIs
* Industry Meeting
* Cliff Rosenthal Receives Award
* Job Opening at TCB
2009 CDFI Institute - Register Now!
Register now for the 2009 CDFI Institute, March 1-3, 2009 in Washington,
DC.
The 2009 policy conference will feature candid dialogue with community
development finance experts about issues facing the field. Also included
are
opportunities to meet with Congressional leaders and the CDFI Fund, and to
interact with your CDFI colleagues from around the country. Join us, your
colleagues, a new Administration and new Congress in March 2009. Register
now
and receive a $100 discount! (http://cdfi.org/index.php?page=institute-a) ('http://cdfi.org/index.php?page=institute-a)')
Advocacy Update
We would like to thank everyone who took the time to write the Treasury and
Congress in support of CDFIs. With your help, over the past couple of
weeks, we
have delivered over 540 letters to Treasury and over 600 letters to 215
Congressional offices in support CDFIs. If you have not yet sent a letter
to
Treasury or Congress, there is still an opportunity to do so. To write to
Treasury click here
(http://org2.democracyinaction.org/o/5172/t/2646/campaign.jsp?campaign_KEY=804). ('http://org2.democracyinaction.org/o/5172/t/2646/campaign.jsp?campaign_KEY=804).')
To write to Congress click here
(http://org2.democracyinaction.org/o/5172/t/2646/campaign.jsp?campaign_KEY=830). ('http://org2.democracyinaction.org/o/5172/t/2646/campaign.jsp?campaign_KEY=830).')
We have provided a suggested text for a letter and it only takes a minute
to
fill out your address and push send.
CDFI Coalition Board testifies at CDFI Fund Subcommittee Meeting
The CDFI Fund formed a new Subcommittee to understand the impact of the
current
financial crisis and to advise the Fund on policy and program
recommendations.
The CDFI Coalition was invited to testify at the Subcommittee meeting on
December 19th. Kerwin Tesdell, Mark Pinsky, Cliff Rosenthal, Elsie Meeks,
and
Jeannine Jacokes testified on behalf of the CDFI Coalition.
The Subcommittee will report to the CDFI Fund's full Advisory Board on
January
15th.
CDFI Coalition Letters to Treasury and Congress
The CDFI Coalition mailed letters to the US Department of Treasury and
Congress
urging them to support CDFIs. Our letter to the Treasury
(http://cdfi.org/uploads/news/id144/CDFI%20TARP%20Proposal%2011-12-08%20FINAL.pdf), ('http://cdfi.org/uploads/news/id144/CDFI%20TARP%20Proposal%2011-12-08%20FINAL.pdf),')
recommends that a Capital for Communities Recovery Program be created that
(1)
sets aside $1 billion of the $700 billion Emergency Economic Stabilization
Act
for CDFIs to support lending to and investing in low and moderate income
communities and people; and (2) establishes an affirmative obligation on
institutions that receive funding under the Capital Purchase Program to
support
CDFIs.
The Coalition's letter to Congress
(http://cdfi.org/uploads/news/id148/CDFI%20stimulus%20letter%2012-10%20-%20FINAL.pdf) ('http://cdfi.org/uploads/news/id148/CDFI%20stimulus%20letter%2012-10%20-%20FINAL.pdf)')
recommends that a Community Development Stimulus Program be created that
allocates $500 million a year for two years to the CDFI Fund. This program
will
create an immediate economic stimulus for low income communities and
directly
infuse capital into CDFIs.
Congressional Leaders write to Treasury in support of CDFIs
On December 12, Chairman Barney Frank and 16 other House Financial Services
Committee members wrote a letter
(http://cdfi.org/uploads/other/Chairman%20Frank%20Letter%20Dec%2012%202008%20(3). pdf) ('http://cdfi.org/uploads/other/Chairman%20Frank%20Letter%20Dec%2012%202008%20(3). pdf)')
urging the US Department of the Treasury to support CDFIs through the
Emergency
Economic Stabilization Act. Specifically the letter supported the CDFI
Coalition's proposal (see above) to create a "Capital for Communities
Recovery
Plan." We would like to thank Chairman Frank for sending the letter and
Jeannine Jacokes (Community Development Bankers Association) for her work
putting this letter together.
Industry Meeting to Address Current Financial Crisis
The CDFI Coalition convened a very interesting and productive meeting on
December 1st with 50 CDFI industry leaders to discuss the state of CDFIs
during
the financial crisis. Generally, CDFIs were not involved in the
foreclosure
crisis, but most are seeing a tight squeeze on their liquidity and access
to
capital. Some are starting to see an increase in defaults as "collateral
damage" from the overall crisis. Some regions with higher immigrant
populations
are seeing decreased loan demand as immigrants are moving back to their
home
countries. On the bright side, deposits in some CDFIs are up as people move
away
from the banks and better quality loan requests are coming in after they
are
turned down by banks.
Coming out of the meeting, the group decided to advocate for resources for
CDFIs through both the Emergency Economic Stabilization Act and the
upcoming
stimulus in order to boost the flow of funds to critical community
development
projects and expand existing programs that provide catalytic investment in
America's low to moderate income neighborhoods (see letters above).
Cliff Rosenthal receives Award
The CDFI Coalition would like to congratulate, Cliff Rosenthal (CDFI
Coalition
board member and past board chair), for receiving the second annual Ned
Gramlich
Lifetime Achievement Award for Responsible Lending at Opportunity Finance
Network's conference on December 10th. Named for the late Federal Reserve
Board
Governor Edward (Ned) Gramlich, the Award honors a lifetime of achievement
in
responsible financial services. Rosenthal is the President of the New
York-based
National Federation of Community Development Credit Unions ("the
Federation"),
where he has worked since 1980 and in his current role since 1983. He is
the
nation's leading voice and advocate for credit unions that specialize in
serving
low-income communities across the United States. You can read the press
release
here
(http://www.opportunityfinance.net/uploadedFiles/Press/Press_Releases/120108_Gramlich_Awardee_Rosenthal.pdf). ('http://www.opportunityfinance.net/uploadedFiles/Press/Press_Releases/120108_Gramlich_Awardee_Rosenthal.pdf).')
Job Opening at The Community Builders
The Community Builders, Inc has a Property Manager Position open. The
Property
Manager is responsible for the overall management and operations of the
assigned
property. For more information about this position click here
(https://www.bridgestar.org/Jobs/PositionDetails.aspx?jobId=4726).
CDFI Coalition
www.cdfi.org
email: info@cdfi.org
phone: 703-294-6970
The CDFI Coalition is the unified national voice of community development
financial institutions. Our mission is to encourage fair access to
financial
resources for America's underserved people and communities.
E-Newsletter
December 22, 2008
In This Issue:
* 2009 CDFI Institute
* Advocacy Update
* CDFI Fund Subcommittee Meeting
* Coalition Letters
* Congressional Letter Supporting CDFIs
* Industry Meeting
* Cliff Rosenthal Receives Award
* Job Opening at TCB
2009 CDFI Institute - Register Now!
Register now for the 2009 CDFI Institute, March 1-3, 2009 in Washington,
DC.
The 2009 policy conference will feature candid dialogue with community
development finance experts about issues facing the field. Also included
are
opportunities to meet with Congressional leaders and the CDFI Fund, and to
interact with your CDFI colleagues from around the country. Join us, your
colleagues, a new Administration and new Congress in March 2009. Register
now
and receive a $100 discount! (http://cdfi.org/index.php?page=institute-a) ('http://cdfi.org/index.php?page=institute-a)')
Advocacy Update
We would like to thank everyone who took the time to write the Treasury and
Congress in support of CDFIs. With your help, over the past couple of
weeks, we
have delivered over 540 letters to Treasury and over 600 letters to 215
Congressional offices in support CDFIs. If you have not yet sent a letter
to
Treasury or Congress, there is still an opportunity to do so. To write to
Treasury click here
(http://org2.democracyinaction.org/o/5172/t/2646/campaign.jsp?campaign_KEY=804). ('http://org2.democracyinaction.org/o/5172/t/2646/campaign.jsp?campaign_KEY=804).')
To write to Congress click here
(http://org2.democracyinaction.org/o/5172/t/2646/campaign.jsp?campaign_KEY=830). ('http://org2.democracyinaction.org/o/5172/t/2646/campaign.jsp?campaign_KEY=830).')
We have provided a suggested text for a letter and it only takes a minute
to
fill out your address and push send.
CDFI Coalition Board testifies at CDFI Fund Subcommittee Meeting
The CDFI Fund formed a new Subcommittee to understand the impact of the
current
financial crisis and to advise the Fund on policy and program
recommendations.
The CDFI Coalition was invited to testify at the Subcommittee meeting on
December 19th. Kerwin Tesdell, Mark Pinsky, Cliff Rosenthal, Elsie Meeks,
and
Jeannine Jacokes testified on behalf of the CDFI Coalition.
The Subcommittee will report to the CDFI Fund's full Advisory Board on
January
15th.
CDFI Coalition Letters to Treasury and Congress
The CDFI Coalition mailed letters to the US Department of Treasury and
Congress
urging them to support CDFIs. Our letter to the Treasury
(http://cdfi.org/uploads/news/id144/CDFI%20TARP%20Proposal%2011-12-08%20FINAL.pdf), ('http://cdfi.org/uploads/news/id144/CDFI%20TARP%20Proposal%2011-12-08%20FINAL.pdf),')
recommends that a Capital for Communities Recovery Program be created that
(1)
sets aside $1 billion of the $700 billion Emergency Economic Stabilization
Act
for CDFIs to support lending to and investing in low and moderate income
communities and people; and (2) establishes an affirmative obligation on
institutions that receive funding under the Capital Purchase Program to
support
CDFIs.
The Coalition's letter to Congress
(http://cdfi.org/uploads/news/id148/CDFI%20stimulus%20letter%2012-10%20-%20FINAL.pdf) ('http://cdfi.org/uploads/news/id148/CDFI%20stimulus%20letter%2012-10%20-%20FINAL.pdf)')
recommends that a Community Development Stimulus Program be created that
allocates $500 million a year for two years to the CDFI Fund. This program
will
create an immediate economic stimulus for low income communities and
directly
infuse capital into CDFIs.
Congressional Leaders write to Treasury in support of CDFIs
On December 12, Chairman Barney Frank and 16 other House Financial Services
Committee members wrote a letter
(http://cdfi.org/uploads/other/Chairman%20Frank%20Letter%20Dec%2012%202008%20(3). pdf) ('http://cdfi.org/uploads/other/Chairman%20Frank%20Letter%20Dec%2012%202008%20(3). pdf)')
urging the US Department of the Treasury to support CDFIs through the
Emergency
Economic Stabilization Act. Specifically the letter supported the CDFI
Coalition's proposal (see above) to create a "Capital for Communities
Recovery
Plan." We would like to thank Chairman Frank for sending the letter and
Jeannine Jacokes (Community Development Bankers Association) for her work
putting this letter together.
Industry Meeting to Address Current Financial Crisis
The CDFI Coalition convened a very interesting and productive meeting on
December 1st with 50 CDFI industry leaders to discuss the state of CDFIs
during
the financial crisis. Generally, CDFIs were not involved in the
foreclosure
crisis, but most are seeing a tight squeeze on their liquidity and access
to
capital. Some are starting to see an increase in defaults as "collateral
damage" from the overall crisis. Some regions with higher immigrant
populations
are seeing decreased loan demand as immigrants are moving back to their
home
countries. On the bright side, deposits in some CDFIs are up as people move
away
from the banks and better quality loan requests are coming in after they
are
turned down by banks.
Coming out of the meeting, the group decided to advocate for resources for
CDFIs through both the Emergency Economic Stabilization Act and the
upcoming
stimulus in order to boost the flow of funds to critical community
development
projects and expand existing programs that provide catalytic investment in
America's low to moderate income neighborhoods (see letters above).
Cliff Rosenthal receives Award
The CDFI Coalition would like to congratulate, Cliff Rosenthal (CDFI
Coalition
board member and past board chair), for receiving the second annual Ned
Gramlich
Lifetime Achievement Award for Responsible Lending at Opportunity Finance
Network's conference on December 10th. Named for the late Federal Reserve
Board
Governor Edward (Ned) Gramlich, the Award honors a lifetime of achievement
in
responsible financial services. Rosenthal is the President of the New
York-based
National Federation of Community Development Credit Unions ("the
Federation"),
where he has worked since 1980 and in his current role since 1983. He is
the
nation's leading voice and advocate for credit unions that specialize in
serving
low-income communities across the United States. You can read the press
release
here
(http://www.opportunityfinance.net/uploadedFiles/Press/Press_Releases/120108_Gramlich_Awardee_Rosenthal.pdf). ('http://www.opportunityfinance.net/uploadedFiles/Press/Press_Releases/120108_Gramlich_Awardee_Rosenthal.pdf).')
Job Opening at The Community Builders
The Community Builders, Inc has a Property Manager Position open. The
Property
Manager is responsible for the overall management and operations of the
assigned
property. For more information about this position click here
(https://www.bridgestar.org/Jobs/PositionDetails.aspx?jobId=4726).
CDFI Coalition
www.cdfi.org
email: info@cdfi.org
phone: 703-294-6970
The CDFI Coalition is the unified national voice of community development
financial institutions. Our mission is to encourage fair access to
financial
resources for America's underserved people and communities.