NEW YORK — The National Federation of Community Development Credit Unions is seeing its longstanding effort to raise money for community development credit unions to use as capital starting to gather some real momentum.

At a recent San Francisco meeting of the West Coast Financial Literacy Forum, an event sponsored in part by the Federal Reserve Bank in San Francisco, the Federation announced that it has raised $8.5 million in investments and commitments in an effort to add $25 million to its investment program.

"We started our investment program in 1982 with little more than a vision," explained Federation Executive Director Clifford Rosenthal, who participated in its original design. "Social investing, program-related investing by foundations, the Community Reinvestment Act for banks–all these now-common capital channels were in their infancy at that time. The Federation was virtually alone as a national intermediary raising funds from these sources and channeling them into grassroots institutions like CDCUs."

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