Fed paper assesses impact of government funding on loan provision

cleveland-federal-reserve

Credit unions lend up to $1.60 extra for each dollar they receive from the US government-backed Community Development Financial Institution (CDFI) Fund, according to a working paper published by the Federal Reserve Bank of Cleveland on November 21.

The authors, Kristle Romero Cortés and Josh Lerner, examine the "intensely controversial" issue of whether governments can create or enhance financial intermediaries, and in doing so improve economic prospects. The target borrowers of the CDFI Fund

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