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Deustsche Bank to invest 1 million in CDCUs
NEW YORK (3/4/09)--Deutsche Bank invested in the National Federation of Community Development Credit Unions with a $1 million commitment to the Community Development Investment Program (CDIP). With the funds, the federation will place below-market rate deposits in community development credit unions (CDCUs) in New York and California. The deposits likely will support CDCUs serving Manhattan’s Lower East Side, Washington Heights and East Harlem neighborhoods. Other target areas include Syracuse and Lakewood in upstate New York, and Oakland, Calif., the federation said. “This investment could not have come at a more opportune time,” said Alice Greenwald, director of the Community Development Investment Program. “The liquidity needs of CDCUs have grown tremendously throughout the last year as increasing numbers of people in underserved communities turn to their local credit unions for personal, vehicle and home loans. “Deutsche Bank's generous support will help us sustain our member CDCUs’ vital community lending at a time when most low-income individuals are finding it harder and harder to access affordable credit and financing,” she added. The federation launched its 25th anniversary capital campaign two years ago, with a goal of bringing assets under management to $50 million by the end of 2009. In addition to significant support from the banking and philanthropic sectors, the CDIP also has received direct investments from some of its Community Development Partner credit unions. “Access to credit for individuals and small businesses is a key feature of current economic recovery plans, and the community lending that the federation supports is more important than ever,” said Gary Hattem, president of the Deutsche Bank Americas Foundation. The federation makes secondary capital loans and risk-sharing Predatory Relief and Intervention Deposits, and administers special grant programs for CDCUs. Deutsche Bank’s new investment brings the CDIP portfolio to a record $48.8 million in funds under management.
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