ALEXANDRIA, Va. (May 23, 2018) – Low-income federally insured credit unions interested in becoming certified community development financial institutions can apply to use the National Credit Union Administration’s streamlined application process beginning June 4.
During the streamlined application period, which runs until June 22, credit unions submit loan origination data to the NCUA’s Office of Credit Union Resources and Expansion. The agency will perform an analysis to determine each credit union’s likelihood for certification.
If the results of the NCUA’s analysis suggest a credit union is a strong candidate for the streamlined process, the NCUA will provide the credit union with the application materials. The credit union then completes the application and submits it to the Community Development Financial Institutions Fund, which makes the final determination on the certification.
If credit unions do not meet specific eligibility criteria for the streamlined application process, they can still apply through CDFI using the standard form.
The NCUA’s online program guide has all the necessary instructions for applying. An archived copy of the agency’s May 16 CDFI webinar will be available online here in approximately two weeks.
Credit unions that obtain CDFI certification can take advantage of training and competitive award programs provided by the CDFI Fund. These resources enhance credit unions capacity to provide underserved communities with access to safe and affordable financial services. The CDFI Fund webpage has complete information.
NCUA’s Office of Credit Union Resources and Expansion supports low-income-designated credit unions and credit unions interested in a low-income designation; minority credit unions; credit unions seeking changes in their charters, bylaws, or fields of membership; and groups organizing to start new credit unions.