Did you know there are almost 1500 Community Development Financial Institutions (CDFIs) across the United States? Forty-seven years after the Community Reinvestment Act, we are proud to be among a community of financial institutions and nonprofit organizations with a shared mission of financial inclusion.
Since we opened our doors in 2007 as the first community bank in New York headquartered in the South Bronx in 25 years, we have stood as advocates for economic equity, community development, and financial inclusion. As a CDFI and member of the NYS CDFI Coalition, we’re proud to be part of New York’s CDFI movement and history, dedicated to ensuring individuals, families, and small businesses in the Bronx and beyond have access to affordable financial products and tools they need to thrive.
From the start, our mission has centered on transparency, relationships, and social equity. We believe in full disclosure of our services, personalized service, and partnering with groups that help improve financial literacy and economic opportunity in our communities. Our work aligns with the broader CDFI movement that began in the 1970s to counteract discriminatory lending practices and redlining that prevented marginalized communities from accessing capital.
About 30 years ago, the Riegle Community Development Regulatory Improvement Act created the U.S. Treasury’s CDFI Fund, marking a critical shift for financial institutions committed to serving low-income areas. Since then, CDFIs nationally have become a cornerstone of equitable economic development, managing billions in loans and investments dedicated to underserved communities. However, there’s still work to be done.
With a commitment of $25 million over five years, funds began to circulate to New York State CDFIs in 2021 with a promise from the NYS CDFI Fund to “support the delivery of affordable financial products and services and financial literacy programming to low- and moderate-income New Yorkers.” In addition, as New York’s first B Corp bank and a member of the Global Alliance for Banking on Values (GABV), we stand by our commitment to measuring and reporting on our impact goals.
“We are proud to be part of a movement that has brought so much economic value to low- and moderate-income communities and are also deeply appreciative of the support we have gotten from the CDFI fund that has enabled us to bring innovative and impactful new products to our customers and communities,” says Melanie Stern, Director of Consumer Lending and our CRA Officer.
We remain committed to working alongside other mission-driven banks in New York, credit unions, and CDFIs throughout New York State, urging our elected leaders to continue supporting the financial well-being of all New Yorkers. As we celebrate the 30th anniversary of the CDFI Fund this year, we reflect on our progress, our communities’ resilience, and the work ahead. With our partnerships, advocacy, and unwavering dedication, we’re focused on building a more inclusive and sustainable New York banking sector.
Learn about some of the nonprofit organizations and small businesses we’ve had the opportunity to support, thanks to the CDFI Fund. We offer financial services tailored to nonprofits, small businesses, and individuals alike, each designed to uplift our community. Contact us today to learn more about how we can partner with you.