April 1, 2019, Adrian, Michigan – In his 2018 book, Democratizing Finance: Origins of the Community Development Financial Institutions Movement, Clifford N. Rosenthal makes references to the key role Adrian Dominican Sisters played in the Community Development Financial Institutions (CDFI) movement – and in bringing the Sisters’ social justice focus to finance.
The author notes the Congregation’s establishment in 1974 of the Portfolio Advisory Board (PAB), which, rooted in Catholic social justice teachings, brings social justice to finance through shareholder advocacy with corporations and community investment (page 73).
He also cites the Congregation’s “leading role among faith-based community investors” when, in 1982, it awarded a $30,000 low-interest loan to the National Federation of Community Development Credit Unions (CDCU). He notes that, of all community investors, “the Adrian Dominicans were distinguished by their strong engagement: they wanted to see the impact of their investment first-hand, and where needed, to try to help out with workouts when organizations ran into trouble” (pp. 121-122).
Finally, he cites the recent critique of CDFIs by Adrian Dominican Sister Corinne Florek, OP, consultant to the PAB and Director of the Religious Communities Investment Fund and the Mercy Partnership Fund. Sister Corinne has called on CDFIs to remember their original purpose, to grant loans to community organizations seen as too risky for commercial banks, and not to get side-tracked by focusing on the strength of their own financial performance.
For more information on the Portfolio Advisory Board of the Adrian Dominican Sisters, explore their webpages or contact them at 517-266-352 or PAB@adriandominicans.org.
Portfolio Advisory Board, Adrian Dominican Sisters | 1257 E. Siena Heights Drive | Adrian, Michigan 49221
Phone: (517) 266-3523 | Email: