Federation Receives $10M From BofA, $2M From Ford Foundation

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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.

Rosenthal then revealed the Ford Foundation's $2-million investment in the Federation. "This will allow the Federation to supply secondary capital to our members," said Cliff Rosenthal, president and CEO of the New York-based Federation, 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 Federation's annual Serving the Underserved conference here.

Susan Harper of Bank of America noted BofA is the largest supporter of CDFIs in the country, saying, "We are increasing our investment in the Federation with $10 million to supply more capital to credit unions across the country."

Harper said BofA will offer more resources to CDCUs, adding, "we want to thank you for the work you do in the communities you serve," she said.

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