HOLLYWOOD, Calif. — The National Federation of Community Development Credit Unions said it has received a $10 million investment from Bank of America, and a $2 million investment from the Ford Foundation. President and CEO Cliff Rosenthal said the New York-based Federation will use the some of the new funding as a means of providing additional capital to CDCUs.
"This will allow the Federation to supply secondary capital to our members," said Rosenthal, noting the Ford Foundation has invested regularly in the Federation over the years. "Without the Ford Foundation, we would not be where we are today."
Rosenthal's remarks came during the association's "Serving the Underserved" conference here. Bank of America's Susan Harper, who was also on hand for the meeting, said that B of A is the largest supporter of CDFIs in the country, adding, "We are increasing our investment in the Federation with $10 million to supply more capital to credit unions across the country. This is an exciting time for Bank of America, but we want to thank you for the work you do in the communities you serve.
