What does Bank of America do for the community?
Each year, our employees volunteer 2 million hours to strengthen communities and provide generous financial donations to more than 25,000 nonprofits around the world. Annually, their giving directs more than $60 million in total to communities via individual giving and the bank’s matching gifts program.
Is Bank of America a CDFI?
Bank of America is the largest private investor in CDFIs in the United States, currently with more than $1.6 billion in loans and investments in over 250 CDFIs.
What is bofa known for?
Bank of America is one of the world’s leading financial institutions, serving individuals, small- and middle-market businesses, large corporations, and governments with a full range of banking, investment management and other financial and risk management products and services.
What is a developmental bank?
Development banks are specialized institutions that provide medium and long-term credit lending facilities. Their main objective is to serve the public interest instead of earning profits. They provide financial assistance to both public as well as private sector institutions.
Does Bank of America donate to charity?
Deduct your contributions The Bank of America Charitable Gift Fund is a 501(c)(3) public charity, so your contributions are tax-deductible. When you contribute qualified appreciated securities to the Fund, you can claim the full fair-market value of the stock and avoid any capital gains on the contribution.
Why are there no Bank of America in Louisiana?
This state just banned Bank of America from a business deal over its gun policies. Bank of America has been banned from participating in a Louisiana bond sale because of the Charlotte bank’s policies against gunmakers, the state’s bond commission announced.
What is a CDFI lender?
Community development financial institutions (CDFIs) are lenders with a mission to provide fair, responsible financing to rural, urban, Native, and other communities that mainstream finance doesn’t traditionally reach.
How many CDFI banks are there?
144
Community Development Depository Institution Holding Companies— Holding companies for banks or savings & loans. There are 144.
What is the role of the development bank?
Development banks are specialized financial institutions. They provide medium and long-term finance to the industrial and agricultural sector. They do term lending, investment in securities and other activities. They even promote saving and investment habit in the public.