Community Development Banking List
06-22-2010, 04:08 PM
Original message from: RMorales@cdcu.coop
Treasury Secretary Cites CDFIs, Credit Unions in Testimony to Congressional Oversight Panel
Today, Treasury Secretary Timothy Geithner presented testimony before the Congressional Oversight Panel on the progress and status of the Troubled Assets Relief Program (TARP). In his remarks, Geithner cited Treasury's efforts to reach out to community development credit unions (CDCUs) and community development banks through the Community Development Capital Initiative (CDCI), a program that the National Federation of Community Development Credit Unions (Federation) has been actively working on with both the Treasury and the National Credit Union Administration for the past several months.
Federation President/CEO, Cliff Rosenthal commented on the importance of Geithner's remarks. "Inclusion of CDCUs in this program is a recognition of the vital work credit unions and other community-based lenders are having on Main Streets nationwide, and is a major victory for our movement," he said. "More than 110 CDCUs applied for CDCI funds, and we expect that over $100 million will be awarded to those institutions."
The Federation is optimistic that this is just the beginning of greater federal support for the CDFI industry, which has built an impressive track record of service to our nation's most underserved communities.
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Excerpt from Secretary of the Treasury Timothy F. Geithner Written Testimony to Congressional Oversight Panel - June 22, 2010:
"We are also using TARP to improve credit availability for small businesses. Earlier this year, we began purchasing securities backed by SBA-guaranteed loans. Announcements in early 2009 related to this purchase program and the Term Asset-Backed Securities Loan Facility (TALF) helped restart securitization markets for small business loans last year. In February, we launched a new program to invest in Community Development Financial Institutions (CDFIs)-including qualifying credit unions-which lend to small businesses in our country's hardest-hit communities. Candidates have submitted applications to their primary regulators, and Treasury has begun to receive applications and expects to begin funding by next month."
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© 2010 National Federation of Community Development Credit Unions.
*
National Federation of Community Development Credit Unions
116 John Street, 33rd Floor . New York, NY 10038 . www.cdcu.coop*
Treasury Secretary Cites CDFIs, Credit Unions in Testimony to Congressional Oversight Panel
Today, Treasury Secretary Timothy Geithner presented testimony before the Congressional Oversight Panel on the progress and status of the Troubled Assets Relief Program (TARP). In his remarks, Geithner cited Treasury's efforts to reach out to community development credit unions (CDCUs) and community development banks through the Community Development Capital Initiative (CDCI), a program that the National Federation of Community Development Credit Unions (Federation) has been actively working on with both the Treasury and the National Credit Union Administration for the past several months.
Federation President/CEO, Cliff Rosenthal commented on the importance of Geithner's remarks. "Inclusion of CDCUs in this program is a recognition of the vital work credit unions and other community-based lenders are having on Main Streets nationwide, and is a major victory for our movement," he said. "More than 110 CDCUs applied for CDCI funds, and we expect that over $100 million will be awarded to those institutions."
The Federation is optimistic that this is just the beginning of greater federal support for the CDFI industry, which has built an impressive track record of service to our nation's most underserved communities.
###
Excerpt from Secretary of the Treasury Timothy F. Geithner Written Testimony to Congressional Oversight Panel - June 22, 2010:
"We are also using TARP to improve credit availability for small businesses. Earlier this year, we began purchasing securities backed by SBA-guaranteed loans. Announcements in early 2009 related to this purchase program and the Term Asset-Backed Securities Loan Facility (TALF) helped restart securitization markets for small business loans last year. In February, we launched a new program to invest in Community Development Financial Institutions (CDFIs)-including qualifying credit unions-which lend to small businesses in our country's hardest-hit communities. Candidates have submitted applications to their primary regulators, and Treasury has begun to receive applications and expects to begin funding by next month."
###
© 2010 National Federation of Community Development Credit Unions.
*
National Federation of Community Development Credit Unions
116 John Street, 33rd Floor . New York, NY 10038 . www.cdcu.coop*