The Buffalo Cooperative Federal Credit Union (BCFCU) is one of a small number of credit unions across the United States with assets under $25 million, which has been certified as a Community Development Financial Institution (CDFI) by the Department of the Treasury. Recently, the BCFCU made use of this certification and its designation by the National Credit Union Administration (NCUA) as a low-income credit union to accept two nonmember deposits.
One of these deposits in the amount of $100,000.00 was made by the National Federation of Community Development Credit Unions (NFCDCU) on behalf of the Bank of America. A second deposit in the amount of $100,000.00 was accepted from Albina Community Bank of Portland, Oregon.
As part of their obligations under the Community Reinvestment Act, banks are mandated to conduct a portion of their activities within economically distressed areas. One way in which banks meet this requirement is through the placing of deposits with financial institutions which operate within these areas. The deposits which the BCFCU has received from these banks will be used to promote community development through lending activities directed towards individuals and micro-enterprises located in distressed areas of the City of Buffalo.
So do your part today! Join the BCFCU and make your deposit available for us to lend in our community development efforts.
