Search
 

NFCDCU awarded $2 million from CDFI

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...

By Staff Writer | Updated on June 25, 2002

<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:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 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.

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.