ALEXANDRIA, Va. (March 26, 2020) – Federally insured, low-income credit unions that want to become certified Community Development Financial Institutions can apply to use the National Credit Union Administration’s qualification process for streamlined CDFI certification beginning March 29.
The intake period closes May 31. The NCUA’s online program guide has all the necessary instructions for the qualification process.
To qualify, low-income-designated credit unions submit data on their loan originations to the NCUA by email to CURECDFI@ncua.gov using the NCUA’s secured email encryption system and complete an online Participation Form. The Office of Credit Union Resources and Expansion then analyzes each credit union’s products, services, and other indicators to determine whether it qualifies to use the streamlined certification application.
The NCUA will provide qualified credit unions with the necessary information to complete and submit the streamlined certification application to the Community Development Financial Institutions Fund, which will make the final determination on certification. Credit unions that do not qualify to use the streamlined process may still pursue the CDFI certification through the standard application.
Developed by the NCUA and the CDFI Fund, the streamlined application process has helped 58 credit unions obtain certification as community development financial institutions.
Credit unions that obtain CDFI certification can apply for training and competitive award programs provided by the CDFI Fund. These resources can enhance credit unions’ capacity to provide underserved communities with access to safe and affordable financial services. The CDFI Fund’s webpage has complete information.