Chelsea Cruz, Associate Director of Community Development Finance; Carmi Recto, Community Development Finance Associate; and Arlinda Berdynaj, Community Development Finance Analyst, Communications and Outreach

In response to the coronavirus pandemic, the Federal Reserve has taken extraordinary actions to support the economic and financial stability of the nation, including the establishment of a number of lending facilities to improve access to credit and liquidity for affected businesses and communities. At the same time, community engagement remains critical to informing the Fed’s work, and a major area of concern is how the COVID-19 crisis is affecting low-income communities and people of color. To spotlight this critical issue, which is deeply influenced by existing financial and economic disparities, the New York Fed launched a new event series called “The Fed and Main Street,” which convenes business, community development, nonprofit, and policy leaders to focus on the effects of the COVID-19 crisis and efforts to support the recovery.

Carmi Recto, Community Development Finance Associate, Communications and Outreach

During this time of extreme economic shock, community development financial institutions — commonly known as CDFIs — have demonstrated their ability to deliver capital to underserved communities, many of which are reported to be taking the brunt of the coronavirus pandemic’s impacts. Many CDFIs acted early in infusing much-needed capital to address financing gaps resulting from the pandemic, and their expertise could help ease the tension between timely delivery of capital and accountability to ensure responsible lending. They would benefit from a broad set of partners to continue in that role.

Shelley Pitterson, Corporate Communications Senior Analyst, Communications and Outreach

This past January, the New York Fed hosted its first Investment Connection pitch program in Puerto Rico. Community development financial institutions, investors, and philanthropists gathered in San Juan to hear funding proposals from 30 economic and community development organizations from both rural and urban regions of Puerto Rico.

Tony Davis, Officer and Director, and Edison Reyes, Associate Director, Communications and Outreach

In the year since the release of the book Investing in America’s Workforce: Improving Outcomes for Workers and Employers, the New York Fed has organized a number of events across the Second District that are part of the Federal Reserve’s Investing in America’s Workforce (IAW) initiative.