Deputy Controller for Community Affairs Bary Wides discusses collaboration between banks and CDFIs

In remarks delivered to the Memphis Community Development Financial Institution (CDFI) Network during an event hosted by the Federal Reserve Bank's Memphis Branch this week, Deputy Comptroller for Community Affairs Bary Wides outlined the keys to successful partnerships between banks and CDFIs. Certification by the U.S. Treasury Department can help CDFIs demonstrate "their mission orientation." He also described the ways in which CDFIs and banks can collaborate on economic development projects. The two can also utilize referral systems to help customers who do not meet one entity's qualifications – specifically with regard to banks that are "reluctant to make a mortgage loan to a customer because the loan would not meet the requirements for a Qualified Mortgage" (See our Feb 26 2014, blog post for more information). For more, read his full remarks.

Consumer Financial Protection Bureau, Dodd-Frank, Office of the Comptroller of the Currency