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NCUA's streamlined CDFI application round open until May 31
Federally insured, low-income credit unions can apply to become certified Community Development Financial Institutions (CDFIs) through the NCUA's streamlined application process starting Sunday through May 31. The program guide to apply is available here.
Credit unions that are CDFI certified are able to take advantage of training and award programs provided through the Treasury Department's CDFI Fund, which provides resources to help credit unions provide financial services in underserved communities.
To qualify, low-income-designated credit unions submit data on their loan originations to the NCUA by email to CURECDFI@ncua.gov 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.
Those that do not qualify for the streamlined application can still use the standard application to pursue CDFI certification.
This streamlined application process provided by the NCUA has helped 58 credit unions obtain certification as CDFIs.
NAFCU consistently urges Congress to fully fund the CDFI and NCUA's Community Development Revolving Loan Fund as they promote access to capital and local economic growth in low-income communities. The association has also urged funding for these programs throughout negotiations on coronavirus relief packages to ensure these communities are supported.