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CDFI Fund Director Gambrell Touts Achievements and Challenges

WASHINGTON -- Credit unions that serve underserved areas have worked closely with the Community Development Financial Institutions Fund to attain money to enhance their efforts to improve the lives of members and communities. Last year, the fund gave 13 awards to credit unions totaling $4.6 million. The fund gave a...

By Claude R. Marx | Updated on September 16, 2008

WASHINGTON — Credit unions that serve underserved areas have worked closely with the Community Development Financial Institutions Fund to attain money to enhance their efforts to improve the lives of members and communities. Last year, the fund gave 13 awards to credit unions totaling $4.6 million. The fund gave a total of $54.2 million to 89 organizations out of 245 that applied. There are 145 credit unions among the 800 financial institutions that are certified CDFIs eligible for grant money.

Donna J. Gambrell, who has spent her entire career working as a financial services regulator, with a special interest in working on programs aimed at reaching out to low- and moderate-income individuals, has been the fund’s director for nine months. She was appointed by Treasury Secretary Henry Paulson for a three-year, renewable term.

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