CDFI Connect Community Discussions

Subscribe to CDFI Connect Community Discussions feed CDFI Connect Community Discussions
View RSS Feed from Opportunity Finance Network
Updated: 49 min 4 sec ago

RE: Technology Policy Examples

Mon, 2021-01-04 13:39
From : Communities>>Open Forum
Thank you Victoria for sharing! ------------------------------ Rebecca Lahr Data Manager Metropolitan Economic Development Association ------------------------------

RE: Member Monday

Mon, 2021-01-04 13:07
From : Communities>>Open Forum
Happy New Year! Wishing everyone a happy & healthy 2021! In this week's Member Monday , we would like to highlight the work of On The Road Lending. On the Road Lending provides affordable loans to help low-to-moderate income people over transportation barriers so they can find and retain employment, live healthier lives and avoid predatory lenders. "People with cars don't understand how hard life can be without one.I could take a better job that pays more money. Before I was a housekeeper and babysitter. [More]

RE: Technology Policy Examples

Mon, 2021-01-04 11:59
From : Communities>>Open Forum
Hi Rebecca, Thanks for sharing the operations manual thread! We were able to find a couple data policy examples and used those to put together our own policy. I have attached our policy for your reference. Hope that helps. Feel free to reach out if you have any questions! Best, Victoria ------------------------------ Victoria Baker Chief Strategy Officer South Carolina Community Loan Fund victoria@sccommunityloanfund.org ------------------------------

Files Attached Document
RE: Technology Policy Examples

RE: Does your loan fund offer investment opportunities for individuals?

Mon, 2021-01-04 11:44
From : Communities>>Open Forum
Hi Pam - Happy New Year and thanks for sharing the results. Does your project include conducting more intensive vetting of these organizations for individual investors?  Accepting individual donations/investments is fine; but the reality is that most CDFIs do not have the capacity to develop and manage an individual investor program.  And those that do, have the resources to develop a defensible forecast for increased deployment and performance. I'm preaching to the choir, I know, and look forward [More]

RE: Technology Policy Examples

Mon, 2021-01-04 11:00
From : Communities>>Open Forum
Hi Victoria -- have you seen the thread about CDFI operations manual ? There might be helpful information there. I'm gathering some background on data practices to inform some work my organization will take on soon, and interested if you have created anything worth sharing or found other examples that you modeled after. Thank you! ------------------------------ Rebecca Lahr Data Manager Metropolitan Economic Development Association ------------------------------

RE: Does your loan fund offer investment opportunities for individuals?

Mon, 2021-01-04 09:16
From : Communities>>Open Forum
This is great to know - thanks so much for sharing, Pam! Happy 2021! Mike ------------------------------ Michael Eggleston Community Development Advisor Federal Reserve Bank of St. Louis michael.c.eggleston@stls.frb.org ------------------------------

RE: Does your loan fund offer investment opportunities for individuals?

Sun, 2021-01-03 20:16
From : Communities>>Open Forum
Thank you to the 70+ Loan Funds that responded to our request for information about opportunities for individual investors.  Attached is the preliminary results of those who indicated they accept individual investments.  44 Loan Funds provided information about their individual investment programs; and another 11 were identified through public research.  We heard from 30 other loan funds that indicated they do not currently take individual investments but would consider doing so in the future. We [More]

Files Attached Document
RE: Does your loan fund offer investment opportunities for individuals?

RE: SBS loans and timing of funding the LLR

Tue, 2020-12-29 16:20
From : Communities>>Open Forum
Trina - Thanks. Do you know about the timing? Does it have to be the same day or bank statement period?  Seems to me that the hard deadline is at the end of the quarter. If there is a delinquency the lender has 30 days to rectify the LLR shortfall. ------------------------------ tim jung CFO AAFE Community Development Fund, Inc. New York NY 9082512847 ------------------------------

RE: SBS loans and timing of funding the LLR

Tue, 2020-12-29 15:45
From : Communities>>Open Forum
Tim, When we have received funding, we were required to fund our loan loss reserve at the time of our draw on the proceeds. Trena Larson ,   Chief Financial Officer CAP Services, Inc. ------------------------------ Trena Larson CFO Community Assets for People Stevens Point WI 7153437514 ------------------------------

LLR to ALLL relationship

Mon, 2020-12-28 07:26
From : Communities>>Open Forum
With the pandemic impact to our SBA portfolio and our small business borrowers, we have increased our LLR. With the logic of increasing LLR to cover losses, should the LLR be at least equal to or greater than the ALLL? I would think that these should be in sync. Attached has two simplified scenarios Repayment of a loan - no write off Repayment of a loan - with write off Thanks for your help in enhancing my understanding. Regards, Tim Mobile (908) 251-2847 tim_jung@aafe.org https://www.aafe.org/

Files Attached Document
LLR to ALLL relationship Attachments

SBS loans and timing of funding the LLR

Mon, 2020-12-28 07:19
From : Communities>>Open Forum
Being relatively new to SBA ending, the reporting of loan activity to SBS is quarterly with monthly bank statements attached. From what the lending head tells me, once we lend the SBS funds to a borrower, the LLR has to be established in the same month as the lending. Her reasoning is that SBS requires that the loan and LLR have to appear on the same month's bank statement. This requirement, if accurate, would prevent lending to occur near the end of a given month due to internal operational processes [More]

Historic Funding for CDFIs in FY2021 Omnibus Appropriations and COVID-19 Relief Bill

Wed, 2020-12-23 16:18
From : Communities>>Open Forum
Dear Colleagues, OFN released a blogpost yesterday that highlights key CDFI-related provisions in the FY2021 Omnibus Appropriations and COVID-19 Relief Bill. We've also included page numbers for where you can find this information. Please feel free to let us know if you have any questions and thank you for your advocacy! Jamal Jamal Habibi Senior Associate, Public Policy Opportunity Finance Network  Mobile 215.219.7243 jhabibi@ofn.org | www.ofn.org #FinanceJustice  ------------------------------ [More]

CRA resources

Mon, 2020-12-21 12:01
From : Communities>>Open Forum
Hi: There have been some questions about CRA resources. I would like to offer NCRC's website resources: Main website: https://www.ncrc.org/ Update on OCC Final Rule and Fed ANPR: https://www.ncrc.org/treasureCRA/ NCRC provides regular CRA resources for members including CRA 101 webinars, data analysis and more....see our website for infromation. Happy Holidays. Josh Silver Senior Advisor NCRC Josh Silver Senior Advisor, Policy National Community Reinvestment Coalition 202.464.2733 202.628.9800 [More]

Final COVID-19 Relief Package

Mon, 2020-12-21 11:53
From : Communities>>Open Forum
Dear Colleagues - yesterday, House Speaker Nancy Pelosi issued a Dear Colleague letter that included highlights for the package, including significant funds for CDFIs and the continuation of the Paycheck Protection Program (PPP) with the CDFI/MDI set aside. "Community Development Financial Institutions and Minority Depository Institutions: The agreement includes dedicated PPP set-asides for very small businesses and lending through community-based lenders like Community Development Financial Institutions [More]

Files Attached Document
Final COVID-19 Relief Package

RE: Member Monday

Mon, 2020-12-21 10:41
From : Communities>>Open Forum
In this week's Member Monday , we would like to highlight the work of Guadalupe Centers Federal Credit Union. The Guadalupe Centers started by establishing a volunteer school and clinic in 1919 for underprivileged Mexican Immigrants. Their primary mission is to provide their local Kansas City communities with financial products and education to empower them and to ensure economic opportunity for all. For more information visit: https://www.guadalupefcu.com/ ------------------------------ Elizabeth [More]

RE: New CDFI Looking to Understand CRA

Fri, 2020-12-18 14:21
From : Communities>>Open Forum
Hi John, the FDIC put out a good publication on this topic - it'a a little dated (2014) but the principles largely remain the same. It's written for the bank perspective - how can community banks partner with CDFIs, but I think it's helpful for both audiences. I was not involved in writing or reviewing it - I've just used it as a reference. Good luck on your certification!  Here's a link to the FDIC page where it lives: https://www.fdic.gov/consumers/community/cdfi/index.html and here's a link [More]

Files Attached Document
RE: New CDFI Looking to Understand CRA

RE: Sharing Underwriting Capacity with Community Partners

Thu, 2020-12-17 09:15
From : Communities>>Open Forum
Hi Josh, My firm, The Olea Group, provides third-party underwriting services to CDFIs across the country. I'd be happy to provide whatever insight I can. Warmly, Amy Collins Founder & CEO | The Olea Group (312) 620-4616 | www.theoleagroup.com

RE: New CDFI Looking to Understand CRA

Wed, 2020-12-16 18:23
From : Communities>>Open Forum
Hi, John.  I just sent you an email.  I'm a former CRA officer of a $40 billion bank and directed a lot of loans and investments to CDFIs and continue to see ways to help the industry.  Be glad to chat. ------------------------------ David Fehrenbacher Director - Financial Institutions Horne, LLP Memphis TN 901.623.8130 ------------------------------

Sharing Underwriting Capacity with Community Partners

Wed, 2020-12-16 15:17
From : Communities>>Open Forum
Hello, We're in a conversation with a local agency that is looking to outsource some of their underwriting needs to us as they focus on other aspects of their burgeoning lending program.  We like the idea and want to be supportive and I'd welcome a conversation with anyone that has gone down this path so we can learn from their experience.  Feel free to respond to this thread or call or email me directly. Cheers, Josh Josh Sattely, Community Housing & Nonprofit Lender    New Hampshire Community [More]

RE: Revenue recognition of FA awards from CDFI

Mon, 2020-12-14 14:54
From : Communities>>Open Forum
Hi Pam.  At Enterprise Community Loan Fund, we record the entire grants as restricted, but not conditional.  I think the Fund's saying that they will record disbursements as expenses refers to their treatment of the grants as unconditional.  I don't think the timing affects the treatment.  Thanks. ------------------------------ Karen Mitchell Senior Director, Creative Capital Enterprise Community Columbia, Maryland 410-772-2590 ------------------------------

Pages