The National Federation of Community Development Credit Unions will host a webinar to explain the latest changes to the community development financial institution (CDFI) application process.
The webinar will be held at 2 p.m. (ET) Wednesday.
CDFI certification is a fundamental building block for credit unions serving predominantly low-income consumers and financially underserved communities. Certification is a valuable credential that helps credit unions increase their capacity to meet the needs of members with modest means and develop strategic partnerships to better reach out to and connect with low-wealth consumers.
Under a new agreement signed in 2016, the NCUA will use data submitted through the Automated Integrated Regulatory Examination System (AIRES) and assume responsibility for initially analyzing membership and lending activity necessary for CDFI pre-qualification according to the seven eligibility requirements. Previously, credit unions analyzed this data.
NCUA will conduct other analyses toward requirements that in the past was performed by applying credit unions. NCUA then will provide eligible credit unions with many of the data points required for the application.