Bank of America will make $10 million available for deposits in community development credit unions across the country, according to the National Federation of Community Development Credit Unions.
The money was placed with the National Federation's Community Development Investment Program for distribution. The investment will be placed as deposits in credit unions across the country to provide financial support for lending and balance sheet management, the National Federation said.
The National Federation has roughly 237 CDCUs as members.
"Bank of America has long been the Federation's largest investor among financial institutions, with investments both in our deposit program and our CDCU Mortgage Center, LLC," remarked Federation CEO Clifford N. Rosenthal. "We are delighted that they have decided to dramatically increase their support for CDCUs amid a recession that continues to take a heavy toll on the low-income communities they serve."
Dan Letendre, senior vice president at Bank of America, said, "Our commitment supports the valuable work and services that community development credit unions provide to millions of low-income consumers. Now more than ever, these credit unions fill a gap in providing financial services in underserved communities, and Bank of America is delighted to partner with the Federation in bringing a significant amount of capital to this market."