Thu Feb 04, 2010 at 21:31:11 PM EST
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| Are you as angry as I am about the bailout of the banks and ever bashed TARP program? Well then, maybe you'll be as excited as I am about some great news that came our way today. Our partners at the "Federation" (that would be the National Federation of Community Development Credit Unions) wrote to us today to tell us that: At a meeting with key leaders of community development credit unions (CDCUs) and community development banks, Treasury Secretary Tim Geithner announced yesterday a major capital investment program for depositories certified as community development financial institutions (CDFIs).
JFSJ is ourself an investor in the Federation (which is a CDFI), as well as in many community development credit unions, through our Tzedec Economic Development Fund. Cliff Rosenthal, CEO of the Federation, has been one of the leading Jewish voices for building access to capital in low income communities. As the Federation's justly excited announcement explains: |
| Jeremy Burton :: Victory for community development credit unions in new TARP policy |
While final terms and guidelines for the program have not yet been announced, Rosenthal estimated that as much as $200 million could be invested in more than 100 qualifying credit unions serving low-income communities. “This program is a milestone in the history of the CDCU movement,” explained Rosenthal. “The Federation has worked for more than two decades to win support for credit unions that serve low-income communities across the country. The establishment of the CDFI Fund in 1994 was a great victory. This is another.”
The program will be limited to community development credit unions and community development banks certified as community development financial institutions by the Treasury Department?s CDFI Fund. “There are currently more than 150 credit unions certified as CDFIs,” said Rosenthal. “We know that many more CDCUs qualify for this designation, and we will work intensively with our members and other interested credit unions over the coming months to help them become certified.” So, finally some TARP money that will actually create access to capital for low income people, that will spread the bailout to the struggling communities where people are trying to hold on to houses.
Maybe they'll rename the Mets baseball stadium (locally known as Bailout Field) from CitiField to CliffField in his honor for all the work he did to make this happen. Yasher koach! |
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