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CEO's PerspectiveStatement by Mark Pinsky, CEO of the Opportunity Finance Network on Community Development Financial Institutions (CDFIs)Below is a statement being released by Opportunity Finance Network (OFN) from Mark Pinsky, President and CEO of OFN in response to Federal Reserve Chairman Ben Bernanke’s upcoming speech, “Community Development Financial Institutions: Challenges and Opportunities” at the Global Financial Literacy Summit in Washington, D.C., June 17, 2009. “Even as the President unveils his financial recovery plan, Federal Reserve Chairman Ben Bernanke has recognized the importance of the role community development financial institutions (CDFIs) play in the financial marketplace,” said Mark Pinsky, CEO of the Opportunity Finance Network, a national association of CDFIs. “We expect to achieve what the Chairman expects from us.” “CDFIs work just outside the margins of conventional markets, opening doors for the opportunity markets we serve,” he added. “Today, in a real-world, real-time stress test, CDFIs are recognized as knowing how to lend in distressed markets in turbulent times. Chairman Bernanke made that point emphatically this morning. CDFIs are proving ‘good money’ can drive ‘bad money’ out of the marketplace.” Media Contact: J. CoCo Chang |
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