Federally insured, low-income credit unions that want to become certified Community Development Financial Institutions (CDFIs) have until Oct. 5 to apply to use NCUA’s qualification process for streamlined CDFI certification.
This will be the final opportunity to take advantage of the streamlined certification process in 2019.
The Treasury has made changes to the Community Development Financial Institution and the Native American CDFI Assistance programs. Beginning with the FY2020 application round, credit unions must be certified as CDFIs no later than the date the Notice of Funds is published in the Federal Register. That notice is expected to be published in early 2020.
The agency’s Office of Credit Union Resources and Expansion hosts a resource page with details about CDFI certification and the streamlined process. The agency’s application guide has the necessary instructions for the qualification process.
Developed by the NCUA and the CDFI Fund, the streamlined application process has helped 50 credit unions obtain certification as community development financial institutions.