NEW YORK (12/2/08)--Cliff Rosenthal, CEO of the National Federation of Community Development Credit Unions, will be presented the second annual Ned Gramlich Lifetime Achievement Award for Responsible Lending by the Opportunity Finance Network (OFN). He will be presented with the industry's highest award, named for the late Federal Reserve Board Gov. Edward "Ned" Gramlich, on Dec. 10th at the OFN Conference in Albuquerque, N.M. Federal Reserve Board Chairman Ben Bernanke, in congratulating Rosenthal, said, "Cliff has dedicated an illustrious career to expanding economic opportunities for lower-income households and communities. His considerable contributions toward this end exemplify Ned's legacy as an advocate for policies and practices that help families at the lower levels of the income scale improve their financial well-being." OFN President/CEO Mark Pinsky said Rosenthal "is a leader among leaders in a critical segment of the financial services industry. The award honors one person each year who achieves remarkable susscess in promoting and implementing responsible financial services for low-income and low-wealth people. Rosenthal's achievements include:
* Growing the community development credit union (CDCU) sector to more than 200 institutions in 46 states managing more than $4 billion and serving more than one million people; * Inspiring the federal CDFI Fund in the U.S. Treasury Department, which has made almost $1 billion in equity and debt investments into CDCUs and other types of community development financial institutions (CDFI); * Creating and leading the New York State CDFI Coalition to a major victory--the creation of a New York State CDFI Fund; * Building the successful Community Development Investment Program at the federation, which provided more than $60 million in financing to more than 150 CDCUs nationwide; and * Founding the CDCU Institute, a professional development program for staff and officials at CDCUs.