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Origins
Shortly after assuming office in 1993, President Bill Clinton proposed legislation to provide federal support for community development financial institutions serving customers in low income communities. Working closely with the Clinton Administration, the CDFI Coalition helped shape the final legislation to ensure that it would help build the CDFI industry and encourage banks and other conventional lenders to step up their work in under-served communities. The Riegle Community Development Banking and Financial Institutions Act of 1994 received broad bipartisan support in both houses of Congress, and was signed into law on September 24, 1994 by President Clinton. (For a more detailed account of the CDFI Coalition’s role in modeling the legislation, visit the About Us section of the website.)
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