NASHVILLE, TN--(Marketwire - January 13, 2011) - Clint Gwin, president of Pathway Lending, has been appointed as a three-year member of the Federal Reserve Board of Governors Consumer Advisory Council.
Since 2003, Gwin has lead Pathway Lending, a Community Development Financial Institution that provides loans to businesses lacking access to traditional financing options throughout Tennessee. During his tenure, Pathway has grown significantly and surpassed $40 million in loans that have created more than 1,500 new Tennessee jobs and retained another 3,200.
As a member of the Consumer Advisory Council, Gwin will use this expertise to advise the Federal Reserve Board in matters of the Consumer Credit Protection Act and on other consumer financial services.
"On a daily basis at Pathway Lending, we get to see financial policy meet the realities that businesses and entrepreneurs face," said Gwin. "We understand the challenges in the corporate sector and the impact -- both negative and positive -- policy can have. This experience should translate well in my new role with the Consumer Advisory Council. I appreciate this opportunity and look forward to assisting the Federal Reserve Board in the best way possible."
The council is comprised of 28 members from 18 states, a Council Chair and Council Vice Chair. Council members are chosen to represent consumers, communities and the financial services industry. The Consumer Advisory Council, established in 1976, meets in Washington, D.C. three times a year.
Gwin was appointed to the council in part because of his stellar work with Pathway Lending. In 2010, Pathway launched a $50 million Energy Efficiency Loan Program in collaboration with the Tennessee Valley Authority, the State of Tennessee, and Pinnacle National Bank. This first-of-its-kind program provides businesses in Tennessee with below market rate loans to implement energy efficiency improvements to make them more productive and competitive in the marketplace.
Pathway also created and administers the $10 million Tennessee Rural Opportunity Fund which has received multiple awards for its ability to provide access to capital to businesses located in rural communities throughout Tennessee. Among others, these awards include the 2010 National Community Reinvestment Award from the Federal Financial Institutions Examination Council, the Excellence in Economic Development Award from the International Economic Development Council and the Business Retention and Expansion International Award of Excellence in 2009.
Gwin has also served as Chairman of National FDIC Field Office Supervisors Council and Co-Project Manager Compliance Examination Manual Task Force. During the latter he helped develop a new national standard for the examination of banks for compliance of the Community Reinvestment Act.
About Pathway Lending
Based in Nashville, Pathway Lending is a Community Development Financial Institution (CDFI) as certified by the U.S. Department of the Treasury. Founded in 1999, Pathway Lending provides loans to businesses lacking access to traditional financing options throughout Tennessee. In the ten years since its inception, Pathway Lending has made more than 400 loans to 300 plus companies totaling more than $40 million. Pathway Lending loans have facilitated the creation of more than 1,500 new full-time jobs with average wages of $15.48 per hour while maintaining or retaining more than 3,200 jobs. Pathway Lending is headquartered in Nashville and currently has offices in Knoxville, Tri-Cities, and Jackson. For more information, visit www.pathwaylending.org.