Thursday, October 23, 2014
Deutsche Bank Americas Foundation Launches Program to Support Community Development in Underserved U.S. Regions
Deutsche Bank today announced the formation of the Community Development Financial Institutions (CDFI) New Partners Program, through the Deutsche Bank Americas Foundation (DBAF) and the Bank’s Community Development Finance Group (CDFG). The Program will deploy the Bank’s philanthropic resources for community development through high-performing nonprofit CDFIs in Appalachia, Maine, Puerto Rico, Texas, Virginia, and Wisconsin.
According to the Association of Neighborhood & Housing Development, the 22 largest banks in 2010 deployed approximately USD 8 billion in CRA-motivated loans and investments in New York City. This concentration of CRA resources stands in contrast to other parts of the United States that have seen a decline in local financial services and deposits due to consolidation in the financial services industry. There has been an increasingly uneven distribution of CRA investment between U.S. regions that domicile banks and areas where local savings and loans and thrifts are fighting to maintain market share....