NEW YORK – United Nations FCU yesterday agreed to place $500,000 in low-interest, non-member deposits in community development credit unions in partnership with the National Federation of CDCUs.
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The non-member deposits will help the Federation launch a new phase of its Community Development Investment Program, which helps raise secondary capital for CDCUs. The agreement was signed in UN FCU’s new 16-story headquarters located directly across the East River from the United Nations.
The Federation is seeking to raise $25 million in new CDCU funding and already has raised $10 million from private foundations, banks and religious institutions. The UN FCU role represents a new initiative to get commitments from credit unions.
