In defense of CDFI changes — The Center for Responsible Lending pushed back on last week’s MM item about Arkansas Republicans who said rural lenders would be hurt by Treasury’s planned rule revamp for Community Development Financial Institutions. CRL policy counsel Andrew Kushner said: “Treasury’s plan for certification of Community Development Financial Institutions merits strong support. The plan appropriately prevents CDFI designation from going to bad actors that engage in predatory financial practices like lending above 36 percent APR or issuing unaffordable mortgages like those that caused the Great Recession.”
