The grant will mean that eight community development credit unions will receive funding to provide a variety of services to older adults struggling with debt and limited resources. I understand that, in April, the Federation received a major grant from The Atlantic Philanthropies to pilot a nationwide program to help low-income seniors gain financial security. The Federation also deserves credit for its ongoing efforts to strengthen the industry. So I believe that all of you deserve a great deal of credit for the resilience you have shown in these challenging times. Many credit unions have seen increases in deposits and memberships as more consumers have moved their money from big banks to local credit unions. There have been signs of improvement in delinquencies and profitability. The work has not been easy, but it is rewarding and critically important.Īnd, despite the difficult environment, there have been some positive trends as well. I am acutely aware that the current recession represents one of those major shifts in the environment, and that it has created significant new challenges for community development credit unions in particular. The environment in which we work shifts frequently and unpredictably, and, when it shifts, it can undermine our progress and force us to re-examine our objectives and to modify our strategies. If there is one thing that the Federation's history shows us, it is that the work we have chosen is never easy. So, I would like to thank the Federation for its outstanding service, and Cliff Rosenthal in particular for his exceptional leadership. Now, to my way of thinking, in a relatively young industry like ours, any organization that has worked for 37 years to create opportunity in low-income communities is remarkable. The title of this session is "The Future of the Community Development Financial Institutions Fund," and I will indeed offer my thoughts on some of the recent developments at the CDFI Fund, as well as on the challenges and opportunities that lie before us.īut I would like to begin my remarks today not by looking ahead but by looking back.Īs all of you well know, this is the Federation's 37th Annual Conference on Serving the Underserved. Thank you, Cliff, for that kind introduction.
0 kommentar(er)
