Low-income credit unions in Florida, Puerto Rico, Texas, and the U.S. Virgin Islands, areas hit hardest by hurricanes Harvey, Irma, and Maria last fall, have a special opportunity to seek certification as Community Development Financial Institutions (CDFIs) through the NCUA.
The NCUA has opened an additional round of its streamlined CDFI certification process to low-income credit unions in these areas. The agency’s online program guide has all the necessary instructions for applying. The agency will host its previously announced certification application rounds in March, June, and September.
The deadline for submitting information during this special round is Feb. 16 at 3 p.m. (ET). Credit unions that qualify for the streamlined certification process will be notified by March 30.
In the NCUA’s streamlined process, developed with the Treasury Department’s Community Development Financial Institutions Fund, low-income credit unions submit data on loan originations to the NCUA’s Office of Credit Union Resources and Expansion. Agency staff will analyze each credit union’s information and other indicators to determine its likelihood for certification.
Credit unions that obtain CDFI certification can take advantage of training and competitive award programs provided by the Treasury’s CDFI Fund.