Corporate Social Responsibility Press Release
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12.01.2008 - 10:45am ET
News from:
Opportunity Finance Network
National Credit Union Leader to Receive Prestigious Ned Gramlich Lifetime Achievement Award for Responsible Lending
Inspiring Cliff Rosenthal Recognized as a “Leader Among Leaders”
(CSRwire) NEW YORK, NY. - Opportunity Finance Network (OFN) announced today
that Cliff Rosenthal, a champion of credit unions serving low-income
people and communities, will be the recipient of the second annual Ned
Gramlich Lifetime Achievement Award for Responsible Lending. Named for the
late Federal Reserve Board Governor Edward (Ned) Gramlich, the Award honors
a lifetime of achievement in responsible financial services.
Rosenthal is the President of the New York-based National Federation of
Community Development Credit Unions ("the Federation"), where he has
worked since 1980 and in his current role since 1983. He is the nation's
leading voice and advocate for credit unions that specialize in serving
low-income communities across the United States.
Federal Reserve Chairman Ben Bernanke said: "I offer my sincere
congratulations to Cliff on being awarded the The Ned Gramlich Lifetime
Achievement Award for Responsible Lending. 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."
"Cliff is a leader among leaders in a critical segment of the financial
services industry," according to Mark Pinsky, President & CEO of
Opportunity Finance Network, the organization who will present the award.
"His knowledge, experience, and success are proof that the financial
markets crisis did not have to happen and that responsible,
ethical financial institutions play a critical role."
OFN will present the award to Rosenthal on December 10th in a ceremony at
the OFN Conference in Albuquerque, New Mexico.
"It is gratifying and humbling to receive this award named after one of
the true heroes and friends of community development finance," Rosenthal
said. "It has been my privilege to work for more than 20 years with OFN
and to witness its phenomenal growth and dynamic leadership of the CDFI
movement."
The Ned Gramlich Lifetime Achievement Award for Responsible Lending
honors one person each year who has achieved remarkable success in
promoting and implementing responsible financial services for lowincome
and low-wealth people. Created in 2007 to honor Gramlich, who had passed
away that year, the Award is the industry’s highest tribute.
Gramlich, who served on the Board of Governors of the Federal Reserve from
1997 to 2005, was a tireless advocate for responsible finance. His name has
been in the news amid the current financial crisis because
Gramlich was one of very few people to warn publicly as much as eight
years ago that mortgage lending practices would likely lead to the crisis
we are in now. Gramlich served on the OFN Board for nearly one year before
his death.
Pinsky describes Rosenthal as "a visionary, a leader, a mentor, a champion
for credit unions, and a voice of good sense and reason in a financial
world that has lost its moorings. Cliff embodies the passion, spirit,
dedication, and determination that Ned brought to work every day."
Rosenthal's achievements include1: - 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 1 million
people.
- Inspiring the federal CDFI Fund in the U.S. Treasury Department that
has made almost $1 billion in equity and debt investments into CDCUs and
other types of community development financial institutions (CDFIs).
- 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 has provided more than $60 million in financing to
more than 150 CDCUs nationwide.
- Founding the CDCU InstituteTM), an intensive professional development
program for the staff and officials of CDCUs.
Rosenthal has served on
many Boards and councils, including as the first elected Chair of the CDFI
Coalition, as a member of the Federal Reserve's Consumer Advisory Council,
the Board of Overseers of the School of Economic Development of Southern
New Hampshire University, New York City’s Office of Financial
Empowerment Advisory Board, and the New Markets Tax Credit advisory boards
of J.P. Morgan
Chase, Seedco, and Self-Help.
About Opportunity Finance Network: Opportunity Finance Network
(OFN), the leading national network of more than 160 financial
institutions, creates growth that is good for communities, investors,
individuals, and the economy. To date, the opportunity finance industry
has financed more than $25 billion in underserved markets in all 50
states, yielding more than 200,000 jobs, 500,000 housing units, and
5,000 community facility projects. More information is available
at:
www.opportunityfinance.net.
About the OFN Conference: On Tuesday, December 9, 2008, Opportunity
Finance Network—the leading network of private financial intermediaries
delivering opportunities for low-wealth people and
communities in the U.S.—will kick off its 24th conference for
opportunity finance and CDFI professionals.The theme of the 2008
Opportunity Finance Network Conference is "Opportunity NOW. It’s a new
era."The conference is being held in Albuquerque, New Mexico and runs
through Friday, December 12, 2009.For more information about the
Conference or to register visit: www.opportunityfinance.net/conference
Press opportunities: The conference is open to a limited number of
journalists who register in advance. Interested parties should contact
Jeanine Plant at 212.245.0510 or jplant@pro-mediacommunications.com
to arrange your press pass.
font size="-2">1 A full biography for Mr. Rosenthal is
available on request.
For more information please contact:
Jeanine Plant
Pro-Media Communications
212.245.0510
www.promediacomm.com/
www.opportunityfinance.net
News Categories:
Community Development and Finance
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