On Tuesday, May 14, 2024, the Federal Reserve Bank of New York hosted a hybrid event focused on expanding access to capital for Community Development Financial Institutions (CDFIs).
CDFIs, which are certified by a sub-agency of the U.S. Department of Treasury, are mission-driven financial institutions that specialize in lending to low- and moderate-income communities. CDFIs have access to sources of capital that aren’t available to other financial institutions, including technical assistance grants and long-term capital at below-market rates. But those sources of capital are limited.
The New York Fed’s Community Development team has been exploring how CDFIs can expand their access to capital to make more loans to low- and moderate-income communities.
Speakers at the event explored the current state of capital access for CDFIs, including origination and sale of loans by CDFIs; discussed the challenges and opportunities for the industry to expand; and provided an overview of potential policy initiatives.
See the agenda for timing of specific conference segments.
May 14, 2024
9:00 am – 12:00 pm
(Coffee and networking preceded and followed event.)
Federal Reserve Bank of New York
Auditorium
33 Liberty Street
New York, NY 10045
(Hybrid event)
This event was open to the public. All participants could attend in person or register to join the event virtually.
This event was open to the media. All remarks were on the record, with the recording to be made available afterwards. For media inquiries, please contact Ellen Simon at Ellen.Simon@ny.frb.org.
Agenda
| 9:00am-9:10am | Welcome Remarks (00:00:09 in video) Jack Gutt, Head of the Communications & Outreach Group, Federal Reserve Bank of New York |
| 9:10am-9:25am | Keynote Remarks (00:04:39 in video) Lisa D. Cook, Governor, Board of Governors of the Federal Reserve System |
| 9:25am-9:40am | Research Presentation: Sizing Current Secondary Market for Loans Originated by CDFIs (00:18:53 in video) Jacob Scott, Community Development Analyst, Federal Reserve Bank of New York |
| 9:40am-9:55am | Remarks (00:33:50 in video) Mark R. Warner, United States Senator, Commonwealth of Virginia |
| 9:55am-10:05am | Break |
| 10:05am-10:55am | Fireside Chat (00:57:31 in video) Moderator: Jonathan Kivell, Director of Community Investments, Federal Reserve Bank of New York Donna Gambrell, President and CEO, Appalachian Community Capital Sandra L. Thompson, Director, Federal Housing Finance Agency |
| 10:55am-11:05am | Break |
| 11:05am-11:50am | Panel: Lessons From the Field: Insights from Investors and CDFIs (01:47:17 in video) Moderator: Maria Carmelita Recto, Community Development Specialist, Federal Reserve Bank of New York Adam Guerino, Associate Portfolio Manager, Nuveen Christina Travers, Executive Vice President & CFO, Local Initiatives Support Corporation Orson Aguilar, Senior Director of Public Affairs, Oportun Inc. David Saltzman, Executive Vice President – Chief Risk Officer, California Community Reinvestment Corporation |
| 11:50am-12:00pm | Closing Remarks (02:34:29 in video) Carrie Cook, Vice President and Community Affairs Officer, Federal Reserve Bank of Richmond |
Sizing the CDFI Industry: Institutions, Assets, Loan Volumes (May 2024)
Examining the Origination and Sale of Loans by Community Development Financial Institutions (May 2024)
