CDCUs Get $1 Million Infusion From Deutsche Bank

Published March 04, 2009, 9:05 p.m. EST

Updated August 27, 2020, 12:47 a.m. EDT

1 Min Read

NEW YORK – Banking giant Deutsche Bank has agreed to contribute $1 million to the National Federation of CDCUs Community Development Investment Program which provides below-market non-member deposits to CDCUs.

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The deposits will support CDCUs serving Manhattan's Lower East Side, Washington Heights and East Harlem neighborhoods. Other target areas include Syracuse and Lakewood in upstate New York, and Oakland, California.

In addition to nominee deposits, the Federation makes secondary capital loans, risk-sharing Predatory Relief and Intervention Deposits, and administers special grant programs for CDCUs. Deutsche Bank's new investment brings the CDIP portfolio to $48.8 million in funds under management.

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