ALEXANDRIA, Va. (Aug. 25, 2021) – Federally insured, low-income credit unions seeking a Community Development Financial Institution (CDFI) certification can apply for the National Credit Union Administration’s streamlined qualification process between Sept. 12 and Oct. 15.
“CDFI certification is an important tool eligible credit unions can use to expand opportunity for their members and communities,” NCUA Chairman Todd M. Harper said. “Credit unions can use CDFI funding to build capacity and develop new products and services to meet the credit and savings needs of consumers, especially those of modest means. I encourage all eligible credit unions to apply.”
To qualify, low-income-designated credit unions must register in the NCUA’s CyberGrants system and complete an online Participation Form. The NCUA’s Office of Credit Union Resources and Expansion will review each credit union’s products, services, and other indicators to determine whether the credit union qualifies for the streamlined certification application.
The NCUA’s online program guide has all the necessary instructions for the streamlined qualification process, which was developed through a joint effort by the NCUA and the Community Development Financial Institutions Fund.
The NCUA will provide qualified credit unions with the necessary information to complete and submit the streamlined certification application to the CDFI Fund. The CDFI Fund makes the final certification decisions. Credit unions that do not qualify to use the streamlined process may still pursue the CDFI certification through the standard application.
CDFI-certified credit unions can apply for the CDFI Fund’s training and competitive award program that can enhance credit unions’ capacity to provide underserved communities with access to safe, affordable financial services. The CDFI Fund’s webpage has complete information.