Deutsche Bank, the multinational bank headquartered in Frankfort, Germany with offices in New York has invested $1 million with the National Federation of Community Development Credit Unions.
The Federation in turn, will deposit with community development credit unions in New York State and California.
The National Federation said the bank had facilities in New York State and California and has asked the money be deposited in CDCUs in those areas, specifically lower income areas in New York City and Oakland, California.
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"This investment could not have come at a more opportune time" explained Alice Greenwald, Director of Community Development Investment Program for the Federation. "The liquidity needs of CDCUs have grown tremendously throughout the last year as increasing numbers of people in underserved communities turn to their local credit unions for personal, vehicle, and home loans."
The Deutsche Bank investments bring the total amounts invested by banks and mainstream credit unions, through the National Federation, to $17 million, Greenwald reported.
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