Richmond Fed Presenting Research on Possible Community Development Financing Gaps

RICHMOND, Va., Oct. 19 /PRNewswire-USNewswire/ -- The Federal Reserve Bank of Richmond will present research that identifies and analyzes possible gaps in service areas for community development financial institutions in the Southeast at a conference Oct. 27.

The research, to be presented by Kimberly Zeuli, Community Affairs officer at the Richmond Fed, will show a map of CDFI coverage and assets to illustrate the reach of CDFIs in places that may have limited credit and investment resources.

The Richmond Fed is working with the Opportunity Finance Network, the Mary Reynolds Babcock Foundation and the U.S. Treasury's Community Development Financial Institutions Fund to host the Building Community Development Finance Capacity in the Southeast pre-conference session on Oct. 27, from 12 p.m. until 4 p.m., at the Charlotte Westin Hotel, in Charlotte, N.C. The session is being held in conjunction with the 2009 Opportunity Finance Network Conference and will focus on providing education about existing CDFI capacity and strategies for expanding service, especially in underserved markets. Community development financial institutions provide alternative access to capital, credit and financial services for low- and moderate- income communities that are underserved by traditional financial institutions. CDFIs are critical to maintaining capital flow in today's tight credit market; however, preserving the gains made in revitalizing these communities remains a challenge.

More information on the conference is available here.

The Federal Reserve Bank of Richmond is one of 12 District Reserve Banks that together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Richmond Fed serves the Fifth Federal Reserve District, which encompasses the District of Columbia, Maryland, North Carolina, South Carolina, Virginia, and most of West Virginia.