The Osage Nation’s newly formed Community Development Institution (CDFI) now has its first Chief Executive Officer with the hiring of Christopher Coburn for the Nation-owned lending institution.
Coburn (Muscogee Creek and Cherokee) brings decades of experience in finance and nonprofit leadership to this key position for the Nation’s CDFI, according to a Wahzhazhe Communications news release. “Before taking on the role of ONCDFI CEO, Coburn spent over five years as CEO at the Mvskoke Fund, which is the Muscogee Nation’s Community Development Financial Institution (CDFI).”
In a statement, Coburn said: “It’s critical to keep people away from predatory lending. To do that, you’ve got to have cultural sensitivities that support Native values. You also have to know how to connect with funders that are interested in funding the work that we do. Building a strong working relationship with tribal leaders and having an involved board are key partnerships to growing the financial institution. I am excited to bring the knowledge I’ve acquired in the CDFI space to serve Osage tribal members and meet their financial goals in a responsible and fair way.”
In 2021, the Seventh ON Congress approved legislation (ONCA 21-27) establishing a Nonprofit corporate code in Osage law, as well as a resolution (ONCR 21-09) to “authorize and adopt the articles of incorporation for the nonprofit corporation” as initial steps for planning a CDFI.
Also in recent CDFI developments, Principal Chief Geoffrey Standing Bear appointed Steve Blue to also serve on the CDFI Board, which also includes Micah Boulanger and former Assistant Principal Chief Raymond Red Corn (board chair).
Since September 2022, the CDFI board has attended training classes, approved ONCDFI bylaws, applied for 501(c)(3) status with the Internal Revenue Service (IRS), and consulted with established CDFIs for technical support and advice, the release said.
The ONCDFI Board has also secured and established a business location in the former First National Bank building now owned by the Nation. The CDFI will use first floor space once occupied by the ON Congress, which is now located in office space immediately to the west of the historic former First National Bank building along Main Street.
“In addition to his work at the Mvskoke Fund, Coburn served as a board member on the Muscogee Nation CESO Board, which approved business seeking preference under TERO laws, and served on the Board of Directors for the Native CDFI Network,” according to the release. “He holds a Masters of Business Administration (MBA) and a Nonprofit Leadership Certificate from the Harvard Kennedy School. As an entrepreneur, Coburn has worked as a consultant to help clients find creative solutions to grow and overcome obstacles.”
In a Native CDFI Network online article, Coburn was asked what the general public and policymakers should know about CDFIs. He responded: “Policymakers, people on Capitol Hill, and others hear so many acronyms they get numb. Community development is the first half – the ‘CD’ part. ‘FI,’ or financial institution, is the second part. Both are equal and complementary in purpose. So we exist to serve the community, to help them develop opportunities, to help them develop as individuals, to help them get resources to better their lives. And through that we do technical assistance and coaching and training and creating opportunity, but we’re also very much a financial institution. So how do you balance the financial need to perform well with high-risk activities that shift people in the credit market from disparaged or damaged credit and no credit to creating opportunities for them? It’s a balance.”
Coburn started his CDFI work with the Nation on March 27. For his board position, Blue will be serving as an interim member and is subject to confirmation consideration during the 2023 Congressional Hun-Kah Session which also started March 27 and runs into April.
