NCUA opened its second application round for eligible credit unions that want to qualify to use the agency’s streamlined process for Community Development Financial Institution (CDFI) certification.
Federally insured, low-income-designated credit unions can find all the necessary information about CDFI qualification in the NCUA’s online program guide. The application round closes on Oct. 17.
To qualify, eligible credit unions should submit their loan-origination data to the NCUA by email to CURECDFI@ncua.gov using the agency’s secured email encryption system and complete an online Participation Form.
The Office of Credit Union Resources and Expansion will analyze each applicant credit union’s products, services, and other indicators to determine whether it qualifies for the streamlined application process. The NCUA will provide qualified credit unions with the necessary information to complete and submit the streamlined certification application to the CDFI Fund, which will make the final determination on certification.
Credit unions that do not qualify for the streamline process may still use the standard CDFI certification application.
The streamlined application process, developed by the NCUA and the CDFI Fund, has helped 58 credit unions obtain CDFI certification.
Credit unions that obtain certification may apply for the CDFI Fund’s training and competitive award programs. These resources can enhance credit unions’ capacity to provide insured, affordable financial services to unserved or underserved communities. The Fund’s webpage has complete information.