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News Now

CU System
Federation CDFI Fund winners were 30 of CU applicants
NEW YORK (7/1/09)--Nine community development credit unions (CDCUs) who were awarded more than $17.15 million in capital from the Treasury Department's Community Development Financial Institutions (CDFI) Fund accounted for about 19% of the total $90 million awarded to 59 organizations. The nine CDCUs, all members of the National Federation of CDCUs, represent 30% of the 30 credit unions that applied in the fund's current round, said the federation. The $17.15 million they received amounted to 40% of the total dollars requested by credit unions. The strong showing in the current awards rounds were by "some of our most dynamic, innovative institutions, and we know they will continue to make a huge difference for the low-income communities they serve," said federation President/CEO Cliff Rosenthal. "We would always like to see a large credit union share, of course," Rosenthal said, "but these percentages are a marked improvement over recent CDCU performance in previous award rounds. Given the stress on the credit union industry, the CDFI Fund's investments could not come at a better time." Eight of the credit unions received $2 million each, while the ninth, Brooklyn (N.Y.) Cooperative FCU, received $1.15 million. For a list of the winners, use the link to Tuesday's News Now story.
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