Federation to Raise $25M for Cap Program

HONOLULU–The National Federation of Community Development Credit Unions (NFCDCU) last week announced plans to raise an additional $25 million for its capitalization program, which would bring the total funds available to $55 million if it meets the goal. The Federation hopes to raise the money over the next two years, and is already $6 million toward the goal following several grants from sources such as the Ford Foundation and TD Bank. The money will go toward local credit unions and can be used for a number of initiatives, including as non-member deposits, secondary capital, for the CDCU Mortgage Center and more. NFCDCU Executive Director Cliff Rosenthal said $500,000 will be used to assist low-income individuals who have disabilities that can be at least partially alleviated through technology and other assistance. Rosenthal spoke with the Credit Union Journal during NAFCU's annual meeting, at which NFCDCU also unveiled a new blue-and-green logo that employs a stylized bridge, and a program called CU Breakthrough, aimed at leveraging the expertise and experience of credit unions with a history serving low-income communities by sharing that expertise with credit unions that have expanded to such FOMs.