Feds tighten rules on new community development financial institutions / Public News Service

The federal government is increasing oversight on Community Development Financial Institutions, making the application process more rigorous to weed out bad actors. In the past, shady financial institutions like predatory lenders have been able to get CDFI status. Andrew Kushner, senior policy counsel at the Center for Responsible Lending, said he has seen CDFIs offer loans with annual percentage rates as high as 190%. ...

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