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PHILADELPHIA, April 04, 2018 -- Opportunity Finance Network, the national network of Community Development Financial Institutions (CDFIs), issued the following statement regarding the U.S. Department of the Treasury’s recommendations to modernize the Community Reinvestment Act (CRA).
“Opportunity Finance Network commends the US Treasury Department for developing a thoughtful set of recommendations regarding modernization of the Community Reinvestment Act,” said Lisa Mensah, president and CEO of OFN. “CRA plays a critical role in increasing bank investment in low- and moderate-income communities—including through direct investments in CDFIs. Most banks satisfy much of their CRA obligations through direct lending, but many also invest in CDFIs, which has allowed CDFIs to expand lending to small businesses, microenterprises, affordable housing, community facilities, and commercial real estate development in low- and moderate-income communities. In 2005, bank loans comprised 38% ($731 million) of OFN member CDFI loan funds’ borrowed capital, increasing to 54% ($2.8 billion) in 2016. OFN member CDFI loan funds used the $2.8 billion from banks to lend $3.3 billion, creating or preserving 154,600 jobs; 382,000 housing units; 12,000 childcare seats; 107,000 education seats; and 788,000 healthcare patients.
“OFN looks forward to working with the Treasury Department and bank regulators on reforming CRA policy and practice to improve access to credit and capital for regions of the country lacking adequate investment and financial services.”
About OFN
Opportunity Finance Network (OFN), the national network of community development financial institutions (CDFIs), strives to ensure low-income and other under-resourced communities have access to affordable, responsible financial products and services. Members of OFN are CDFIs that deliver responsible lending to help low-income communities join the economic mainstream. Through 2016, OFN’s network originated $54 billion in financing in rural, urban, and Native communities. This financing has helped to create or maintain more than 1,202,000 jobs, start or expand more than 256,000 businesses and microenterprises, and support the development or rehabilitation of nearly 2 million housing units and more than 10,000 community facility projects. For more information, visit http://www.ofn.org.
Contact:
Debby Stefaniak
609.721.1368
[email protected]
