WASHINGTON (3/15/16)--The U.S. Treasury’s Community Development Financial Institutions (CDFI) Fund continues to move forward with its Framework for the Future, a strategic road map for the fund. The Treasury certifies CDFIs as specialized financial institutions serving low-income communities, and certified CDFIs are qualified to apply for grants and training through the Treasury’s CDFI Fund.
CDFI Fund Director Annie Donovan said that the fund began a strategic effort last year to develop a comprehensive plan to support the growth of CDFIs.
The framework is built upon five guiding principles designed to increase impact in underserved communities:
As of Jan. 31, there are 991 certified CDFIs nationwide, 267 of which are credit unions.
The National Credit Union Administration and the Treasury announced a partnership in January, with the goal to double the number of credit union CDFIs in 2016.