BALTIMORE The National Federation of Community Development CUs kicked off its new technology initiative this morning with a $250,000 grant from Citigroup to study the feasibility of its own shared branching network.
The grant from Citi Micro Finance and Community Development will provide seed capital for the project, according to Cathie Mahon, executive director of the Federation.
The study will review the need for accounting and other back-office assistance and capabilities, Mahon told members of the Federation this morning during the opening of the Federation's annual convention.
The Federation has looked for potential technology initiatives the past few months as the next step for assisting its core membership of low-income credit unions, said Mahon, emphasizing that the shared branch project is still in its infancy. "This is really our first step," she said.
