PHOENIX – Bank of America pledged $10 million to the National Federation of Community Development Credit Unions. NFCDCU CEO Cathie Mahon made the announcement at the CUNA Community Credit Union and The Federation 2015 Annual Conferences at the Sheraton Downtown in Phoenix Wednesday.
The money will go to the National Federation's Community Development Investment Program, which provides capital resources to member CDCUs seeking funds to increase liquidity, boost net worth, mitigate risk and introduce innovative products. The CDI Program has invested more than $100 million in CDCUs since its inception in 1982, the National Federation said.
The organization said the money will go toward the launch of a new secondary capital loan product and funding investments for high performing credit unions. The first three recipients of these funds are the $372 million Freedom First Federal Credit Union in Roanoke, Va.; the $918 million IH Mississippi Valley Credit Union in Moline, Ill. and the $6.5 billion Suncoast Credit Union in Tampa, Fla., each of which will receive $1 million.
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