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Federation briefs press about CDCI funds
NEW YORK CITY (10/4/10)--The National Federation of Community Development Credit Unions Friday held a press briefing regarding the Treasury Department’s Community Development Capital Initiative, through which 48 community development credit unions received funds. During the conference, federation President/CEO Cliff Rosenthal noted that the infusion--roughly $70 million for credit unions--was the largest he’s seen in 30 years. Total funding through the program is $570 million. The infusion is “not bailout money,” Rosenthal emphasized. The funds will help credit unions to better serve their members and communities by allowing them to expand their services. Some credit unions have turned people away because of their capital shortcomings, he added. Responding to the application process for funds, credit unions must undergo a rigorous review process to ensure they are well-suited candidates, Rosenthal said. “It’s not a walk in the park,” he added. The funds were distributed to recipient credit unions at the end of September.
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