NEW YORK -- Community development credit unions appear to face little direct impact from the bankruptcy and buy out of two of the nation's largest investment banks, but may find money for grants harder to get, according to a CDCU leader.

Cliff Rosenthal, CEO of the National Federation of Community Development Credit Unions said CDCUs have not had much contact with Lehman Brothers, the giant investment bank that filed for bankruptcy today, but that community development credit unions might face more impact from Bank of America's purchase of the distressed firm Merrill Lynch.

Bank of America and Merrill Lynch announced the sale over the weekend.

"There may be some impact from the Merrill purchase," Rosenthal said. "Merrill has a community development company which has made investments in some community development financial institutions and even though it's likely a separate company, its unclear what will happen with that."