We welcome this important report , however, the “Great Recession” is a mystification, when we all know that the real problem is that the domestic money supply collapsed, due to fewer bank loans and securitizations, by which our banks create most of our nation’s money supply! Hazel Henderson, Editor
Federation Issues Major Study of CDCUs and CDFI Industry
FRB Working Paper: Credit Union, Community Development Finance, and the Great Recession Cover Image(March 14, 2012 – New York, NY) A major new study by National Federation of Community Development Credit Unions (Federation) President/CEO Cliff Rosenthal, entitled Credit Unions, Community Development Finance and the Great Recession, has been released by the Federal Reserve Bank of San Francisco as part of their Working Papers series.
The paper offers the most detailed history to date of the role of community development credit unions (CDCUs) within the Community Development Financial Institutions (CDFI) movement; shows how federal investments helped preserve and expand CDCU services during the Great Recession; and recommends ways to strengthen CDFI depository institutions of all types through best-practice models and innovative collaborations to increase impact.
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