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Federation CEO honored by Lawyers Alliance of N.Y.
NEW YORK (5/24/11)--The Lawyers Alliance for New York honored Clifford N. Rosenthal, president/CEO of the National Federations of Community Development Credit Unions, for his public service leadership. In 2009 and 2010, the federation and its Community Development Financial Institution (CDFI) allies worked with the U.S. Department of the Treasury to create the Community Development Capital Initiative (CDCI), which invested capital in financial institutions serving low-income communities. Through the program, the federation partnered with the Lawyers Alliance to pair 45 community development credit unions (CDCUs) with pro bono counsel from 15 law firms in New York and nationwide. The assistance provided by those firms helped participating CDCUs to access about $70 million in low-interest CDCI secondary capital loans. “That kind of money is simply not out there in the current economy, so for our CDCUs to be able to access these funds to expand their service in low- and moderate-income communities nationwide has been a major victory for our movement,” Rosenthal told an audience of more than 450 leaders from the legal financial and nonprofit sectors at the 2011 Business Law & Leadership Gala at Gotham Hall in Manhattan. Rosenthal also noted the daunting the requirements to access CDCI funds would have made it nearly impossible for most CDCUs to comply without the help of the Lawyers Alliance. “I can confidently say that without the assistance provided by the Lawyers Alliance and the pro bono counsel from attorneys nationwide, many of our credit unions would have been forced to drop out of the program,” he said. “They literally saved our members hundreds of thousands of dollars in lawyer fees, and helped us bring millions in much-needed capital to low-income communities across the nation.”
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