<p>INDIANAPOLIS, Ind. – The Community Development Financial Institutions Fund, a branch of the U.S. Treasury, has awarded the NFCDCU $2 million, according to Cliff Rosenthal, the Federation's executive director. CDFI has provided the Federation a total of $5 million in two separate grants previously, Rosenthal said. The Federation used the previous grants to substantially fund its secondary capital program and CDCU Institute. The secondary capital program helps community development credit unions meet their capital requirements, and the CDCU Institute seeks to train CDCU staff and volunteers in credit union management. The current grant will add to the secondary capital program and will also assist a startup program designed to help CDCUs meet the needs of their members who have fallen victims to various predatory lending schemes. The Predatory Relief and Intervention Deposits will place funds with CDCUs that will help them refinance loans that their members might have fallen into under predatory terms. Rosenthal particularly praised Tony Brown, the director of the CDFI fund, for working to streamline and quicken the loan granting process. "Initially I was a skeptic because he didn't have any Federal background," Rosenthal said, "but he has really managed to make that program perform more efficiently."</p>
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.