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August 18, 2003
| CONTACT: |
John
Olson
FRBSF |
(415) 974-2989 |
San Francisco Fed announces new online
Center for Community Development Investments
San Francisco, August 18, 2003 — The Federal Reserve Bank of San Francisco
(FRBSF) today announced the creation of its Center for Community Development
Investments. The Center is a collaboration between the FRBSF and community
reinvestment industry leaders, with a mission to serve as a national center
for community development investment resources, research, and training.
"Investors have become increasingly knowledgeable about community
development — not only as a regulatory requirement, but also understanding
how investments can revitalize communities," said Robert T. Parry,
president and CEO of the Federal Reserve Bank of San Francisco.
The Center for Community Development Investments will provide community
groups, financial institutions, and investors with access to technical
resources for community investing — whether they're already a practicing
expert or new to the community reinvestment industry.
The Center's web presence — located on the FRBSF Web site —
is an online clearinghouse of community development investment resources,
including current research in the field and links to training opportunities
and conferences. Unique to the Center's site is the comprehensive information
on a variety of investment instruments, with industry experts describing
in detail how these instruments work, the mechanics of how they operate,
their availability in the marketplace, and how they are booked in relation
to Community Rreinvestment Act.
The Center's eight-member advisory committee* consists of reinvestment
industry leaders and is charged with identifying opportunities for innovation
and collaboration. The advisory committee's expertise represents diverse
perspectives in the industry — from investors to community-based
lenders to the secondary market.
More information on the Center's resources and activities can be found
online at: http://www.frbsf.org/cdinvestments.
The Federal Reserve Bank of San Francisco provides wholesale banking services
to financial institutions in the nine western states through its head
office in San Francisco, branch offices in Los Angeles, Portland, Salt
Lake City, and Seattle, and a cash processing office in Phoenix. As the
nation's central bank, the Federal Reserve System formulates monetary
policy, serves as a bank regulator, administers consumer protection laws,
and is fiscal agent for the U.S. government.
* Full members of the Center for Community Development Investments
Advisory Committee: Frank Altman - Community Reinvestment Fund, John
Kastellic - Key Bank, Andy Kelman - Freddie Mac, Judd Levy - Community
Development Trust, Kirsten Moy - Aspen Institute, Mark Pinsky - National
Community Capital Association, Bob Taylor - Wells Fargo, Kerwin Tesdell
- Community Development Venture Capital Association
.
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