ALEXANDRIA, Va. (3/23/15)--A new five-part video series from the National Credit Union Administration aims to provide valuable information for credit unions interested in becoming certified as Community Development Financial Institutions (CDFIs).
A CDFI is a specialized financial institution that works in market niches that are underserved by traditional financial institutions.
According to the U.S. Treasury's CDFI Fund, which provides grants and other monetary awards to such institutions, as of Feb. 28 there were 937 CDFIs, 247 of which are credit unions.
The series of videos, each of which is under 10 minutes long, is posted to the agency's YouTube channel. The videos feature staff from both the CDFI Fund and the NCUA's Office of Small Credit Union Initiatives.
Click below to see the first video in the series.
In addition to the introduction and overview video above, the other videos are:
Two independent reports released in February found that CDFIs are as stable as mainstream lenders while meeting their mission of serving the underserved.
The Treasury's State Small Business Credit Initiative recently also released a report showing that from 2011 to 2013, CDFIs made $229.8 million in loans and investments nationwide as part of the SSBCI program. This represents a total of 3,657 loans in 24 states or territories. Nearly 100 federally certified CDFIs participate in one or more SSBCI programs.