For our members and other community development financial institution (CDFI) industry stakeholders, OFN offers advocacy toolkits and fact sheets about OFN’s membership and key policy priorities.
For more information about any of the information presented here, contact Jennifer A. Vasiloff, Chief External Affairs Officer, at 202.573.2123.
OFN’s 2020 Federal Policy Priorities reflect what is most important to CDFIs in their work to increase economic opportunity in communities left out of the financial mainstream.
For more than 30 years, leveraging capital from banks, foundations, corporations, and government, CDFIs have helped move money into rural, urban, and Native communities that mainstream bank financing does not reach. In FY 2021, OFN is advocating for $304 million for the CDFI Fund with $500 million in guarantee authority for the CDFI Bond Guarantee Program.
Without Congressional action to extend it, the NMTC’s current authorization will expire on December 31, 2020. OFN strongly supports the reauthorization effort and the New Markets Tax Credit Extension Act.
OFN strongly supports the Community Reinvestment Act (CRA) while also acknowledging aspects of the law and its administration could be improved.
Community development practitioners have long decried the modest levels of bank investment in rural communities. OFN has documented this pattern through the data collected annually from community development loan funds in our membership.
The CDFI Bond Guarantee Program (BGP) was enacted as part of the Small Business Jobs Act of 2010. Designed as a zero-subsidy federal program—operating at no cost to taxpayers—the BGP enables participating CDFIs access to affordable, long-term capital. In FY 2020, the CDFI Fund was authorized to issue up to $500 million in bonds through the BGP. OFN’s FY 2021 request is for the continuation of the BGP with $500 million in guarantee authority.