# What are CDFIs? (Financial First Responders)

An episode of [Bank Notes](https://invisiblenetwork.ai/podcast/1459646064), 6 Jun 2025, 24 min.

Audio: https://traffic.libsyn.com/secure/banknotes/CDFIs_Podcast_Ep_01_MASTER_0305_1.mp3?dest-id=867161

A small subset of the U.S. financial system called Community Development Financial Institutions, or CDFIs, supports economic growth at the local level. The industry is comprised of different types of institutions operating in different ways. Each works to achieve a common mission: improving economic outcomes for underserved communities. Research from the New York Fed shows the industry is growing and changing. In this episode we hear from Federal Reserve Governor Lisa Cook, the New York Fed team doing CDFI research, a researcher from the Federal Reserve Bank of Richmond, and CDFI leaders. Our guests speak about the impacts and challenges of mission-driven lending and opportunities to scale this work. For more, visit newyorkfed.org/podcast/cdfis-serving-the-underserved-and-making-missing-markets

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