Financial Innovations Roundtable
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FINANCIAL INNOVATIONS ROUNDTABLE – 10th ANNIVERSARY MEETING
March 4-5, 2010
Boston, Massachusetts at the Federal Reserve Bank of Boston
Featuring updates on current projects and presentations of new ideas Interested in attending? Contact Michael Swack or call (603) 862-2821.
Created in 2000, the Financial Innovations Roundtable, housed at the Carsey Institute at the University of New Hampshire, creates cross-sector partnerships among conventional and non-traditional lenders, investors, and markets to provide low-income communities with increased access to capital and financial services. The Financial Innovations Roundtable (FIR) is not only a think tank, it is a “think-do” tank. Some of the most successful ideas developed at the FIR have been implemented, resulting in new tools, policies and practices (see below) that have resulted in millions of dollars being directed into investments in affordable housing, small and minority businesses, community facilities and other community development efforts.
The Financial Innovations Roundtable, is an action-driven, implementation focused policy-level initiative, comprised of approximately 75 highly respected financial leaders who work and collaborate on the defined tools and needed resources to implement a scale solution for the community development finance field. FIR participants, represent a powerful assemblage of senior bankers, financiers and non-profit leaders from a diverse range of institutions—including conventional financial institutions, banks, insurance companies, investment firms, public agencies, ratings agencies, community development financial institutions (CDFIs), foundations, pension funds, religious institutions, and universities.
The full FIR group convenes annually to participate in work sessions to address financial needs in low-income communities and vet potential financial tools for the CDC / CDFI community as well as define specific capital access policy issues that open up sources of financing and improve financial performance in the community development field. Each year 2 to 3 scalable and sizeable projects are advanced by the FIR.
The FIR process:
- Identifies the immediate financial challenges, redundant costs and scale shortfalls inherent in a network of community development organizations and creates cross-sector partnerships to develop practical solutions.
- Drills down to two – three identifiable initiatives and research activities, working to remove the barriers between conventional and non-traditional lenders, investors, and markets, and
- Within a 12-18 month framework, begins to create products and services that provide low-income communities with a scalable, transparent and replicable process for increased access to capital and financial services.
Since September 2008, there have been three major changes and enhancements to the operating structure of the Financial Innovations Roundtable (FIR):
- Greater Academic and Research Resources: FIR moved to the Carsey Institute at the University of New Hampshire, where it will benefit from a strong institutional infrastructure designed to promote applied research and applied project work. FIR will remain under the direction of Michael Swack at the Carsey Institute.
- Added Leadership: Greg Stanton, the founder and recently retired director of Wall Street Without Walls, became the Chair of FIR and, in that position, will help guide the direction of the Roundtable and work on specific projects.
- Critical New Partner: The Federal Reserve Bank of Boston became a collaborating partner, and will help to identify key issues, carry out research and host the annual event as well as smaller gatherings throughout the year.