Fannie Mae Foundation Trumpets CDCUs

WASHINGTON -The Fannie Mae Foundation, a major source of charitable and economic development funding, has published a series of case studies that highlights different programs offered by five credit unions around the country. The Foundation published the studies to highlight best financial practices from financial institutions around the nation. These included the Bethex FCU partnership with check cashers in New York; Florida Central Credit Union's work with low-income residents of the Hillsborough neighborhood of Tampa, Florida; Northeast Community FCU's work with low-income resident of San Francisco's Tenderloin district. ASI FCU's alternative to payday lending in New Orleans; and Northside Community FCU's alternative payday lending program in Chicago were also highlighted. "I think it's very significant that four of the five credit unions cited in the case studies are community development credit unions," said Cliff Rosenthal, executive director of the National Federation of Community Development Credit Unions. Rosenthal said that it was "helpful" that three of the credit unions cited in the case studies had been institutions that had received money from the CDFI Fund. CDFI Fund supporters are looking for any help they can to make the case that recipients of the Fund's support have done well with the money.