Change Lending Settles with Treasury — Renews CDFI Certification
by Bob Coleman, Publisher
Southern California based CDFI Change Lending has resolved its dispute with the Feds and is now back in business. The heart of the dispute was whether the CDFI was meeting the requirement of 60% of its lending went to underserved markets.
A former Chief of Staff to the CEO, Adam Levine, previously sued the company of lying about certifications whether loans were actually flowing to underserved markets.
Change Lending has been able to resolve these allegations to the Treasury’s satisfaction.
CEO Carlos Salas says ““We are pleased to have resolved any misunderstandings with the CDFI Fund and appreciate the CDFI Fund’s collaborative approach and willingness to agree to this settlement in principle.
“Change is proud to continue our mission of lending to all Americans, including Black, Latino, and low-income homeowners and those who live in low-income communities.
“We appreciate the commitment of our strategic partners who make our mission possible and demonstrated unwavering support during this uncertain period.”