Federally insured, low-income credit unions that want to become certified Community Development Financial Institutions (CDFI) can apply to use the NCUA’s qualification process for streamlined CDFI certification from Jan. 13 through Feb. 9. The agency’s Office of Credit Union Resources and Expansion hosts a resource page with details about certification and the streamlined process.
The agency’s application guide has the necessary instructions for the qualification process. The Community Development Financial Institutions Fund’s webpage offers information about the benefits of CDFI certification.
During the federal government shut down, approval of a credit union’s CDFI application by the U.S. Treasury may be delayed.
Developed by the NCUA and the CDFI Fund, the streamlined application process has helped 50 credit unions obtain certification as community development financial institutions.
As of Nov. 30, credit unions made of 285 of the 1,066 certified CDFIs.