OFN President and CEO Lisa Mensah Advocates for CDFIs at Federal Reserve Listening Session
On October 4, OFN President and CEO Lisa Mensah joined Federal Reserve Chair Jerome Powell, members of the Federal Reserve Board of Governors Michelle Bowman and Lael Brainard, along with fellow panelists representing business owners and consumers, for a “Fed Listens” session to discuss “The Importance of Price Stability and Low Inflation in Today’s Economy.”
“Coming out of the Great Recession, CDFIs, we were kind of the financial first responders. We could go in when other banks were having to reduce what they were doing or increase capital levels and credit quality,” Lisa stated during the panel. “So all the things that you’re [Federal Reserve] doing to allow our sector to remain, whether that’s CRA or the kind of interest rate policies you’re practicing…we want to make sure our lending is able to be there to provide affordable housing and small business loans and community facilities.”
Lisa’s panel was part of the Federal Reserve’s ongoing review of monetary policy strategy, tools, and communications practices, including outreach to and consultation with a broad range of people and groups interested in the U.S. economy. Throughout 2019, the Federal Reserve Banks and the Federal Reserve Board are holding Fed Listens events around the country to hear perspectives from representatives of business and industry, labor leaders, community and economic development officials, academics, nonprofit organization executives, and others.
Watch the Fed Listens session in full.