CDFIs: Critical Players in Mitigating the Economic Challenges of the Pandemic
Carmi Recto, Community Development Finance Associate, Communications and Outreach, Federal Reserve Bank of New York
During this time of extreme economic shock, community development financial institutions — commonly known as CDFIs — have demonstrated their ability to deliver capital to underserved communities, many of which are reported to be taking the brunt of the coronavirus pandemic’s impacts. Many CDFIs acted early in infusing much-needed capital to address financing gaps resulting from the pandemic, and their expertise could help ease the tension between timely delivery of capital and accountability to ensure responsible lending. They would benefit from a broad set of partners to continue in that role.
Read more on the New York Fed Medium page.