MINNEAPOLIS (11/17/11)--The National Federation of Community Development Credit Unions and Opportunity Finance Network (OFN) have agreed to develop a joint membership program that includes reciprocal discounts on dues to institutions that join both OFN and the federation.
The National Federation of Community Development Credit Unions and Opportunity Finance Network (OFN) Tuesday announced a memorandum of understanding to deepen collaboration between the two organizations and expand member benefits. From left, Mark Pinsky, OFN president/CEO; Pablo DeFilippi, federation director of membership; and Ignacio Esteban of the Florida Community Loan Fund, OFN board chairman. (Photo provided by the National Federation of Community Development Credit Unions)
Cliff Rosenthal, president/CEO of the federation, described the agreement as "formalizing and extending the cooperative relationship we have enjoyed with OFN going back more than two decades."
OFN is a national network of community development financial institutions.
Together the two groups helped establish the Community Development Financial Institutions (CDFI) Fund, Rosenthal noted. The fund promotes economic revitalization and community development through investment in, and assistance to, community development financial institutions.
"We recognize that CDFIs often belong to a number of national and regional organizations to meet the range of their needs for training, technical information, advocacy and other services. This agreement helps them to manage their costs," Rosenthal said.
The agreement also envisions collaboration in data collection and cooperative development of strategies for collaborations and partnerships between CDFIs. Mark Pinsky, OFN president CEO, emphasized the goal of "increasing efficiency and impact and meeting the range of financial needs of low-income individuals and communities."