Aerial view of Apple's headquarters in Cupertino, Calif. (Source: AdobeStock)
The multinational technology company Apple, maybe best known for the iPhone, announced Thursday that it is working with fintech company CNote to deploy $25 million of its own money into community development financial institutions (CDFIs), low-income designated credit unions and minority depository institutions (MDIs).
According to a statement, the $25 million infusion is part of Apple's "broader Racial Equity and Justice Initiative, an effort to address systemic racism in America and expand opportunities for communities of color."
Recommended For You
Apple is using the fintech company CNote to disperse the funds to several credit unions and community banks across the country. According to CNote, the credit unions receiving the funds include the following:
- ANECA Federal Credit Union in Louisiana;
- Education Credit Union in Texas;
- Hope Credit Union, which serves Alabama, Arkansas, Louisiana, Mississippi and Tennessee;
- Kaua'i Federal Credit Union in Hawai'I;
- Latino Community Credit Union in North Carolina; and
- Self-Help Federal Credit Union with locations in California, Illinois, Washington and Wisconsin.
"We're committed to helping ensure that everyone has access to the opportunity to pursue their dreams and create our shared future," Lisa Jackson, Apple's vice president of Environment, Policy and Social Initiatives, said. "By working with CNote to get funds directly to historically under-resourced communities through their local financial institutions, we can support equity, entrepreneurship and access."
"Corporations have an enormous opportunity to help communities across the U.S. thrive by changing the way they manage their cash reserves, and we're excited to see Apple at the forefront of this emerging trend," Catherine Berman, CEO of CNote, said. "Through our platform, we have already started moving Apple deposits into low-income communities and communities of color."
According to CNote, the company has already deployed an initial round of Apple's deposits to those institutions.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
