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At the Richmond Fed: Studying Community Development Financial Institutions

Author

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  • Charles Gerena

Abstract

They say that money makes the world go round — the ability to borrow it can shape a person's life, livelihood, and neighborhood. But just because trillions of dollars are loaned to households and businesses every quarter doesn't mean lending is equally available to those who need it the most. Community development financial institutions, or CDFIs, emerged in the 1970s to improve credit access for underserved individuals and communities, offering a range of financial services and educational programs. But little was known about the impact of these organizations. The Richmond Fed launched the CDFI Survey in 2009 to fill that data gap for the Southeast region.

Suggested Citation

  • Charles Gerena, 2023. "At the Richmond Fed: Studying Community Development Financial Institutions," Econ Focus, Federal Reserve Bank of Richmond, vol. 23(4Q), pages 1-29, December.
    • Handle: RePEc:fip:fedrrf:97483
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    File URL: https://www.richmondfed.org/-/media/RichmondFedOrg/publications/research/econ_focus/2023/q4/at_the_richmond_fed.pdf
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    Keywords

    CDFIs; 5th district; CDFI Survey;
    All these keywords.

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