Streamlined CDFI certification process open at NCUA Jan. 13 to Feb. 9

Federally insured credit unions that have a “low-income” designation from the federal credit union regulator can seek to participate in that agency’s streamlined community development financial institution (CDFI) certification process from Jan. 13 through Feb. 9, the agency said in a release Thursday.

A credit union with CDFI certification may apply for grants and assistance from the Treasury CDFI Fund, fund-sponsored training and technical assistance, and more. The one potential glitch is how long it may take for Treasury to approve certifications. “During the federal government shut down, approval of a credit union’s CDFI application by the U.S. Treasury may be delayed,” the National Credit Union Administration (NCUA) said in a release Thursday.

NCUA says a credit union may qualify for the streamlined CDFI certification process if it:

  • is federally insured through the NCUA;
  • has a low-income designation granted by the NCUA or a similar state designation confirmed by the NCUA; and
  • provides at least one of the following programs and services to its members: financial counseling, financial education, financial literacy workshops, in-school branches, or a first-time homebuyer program.

Additional details on CDFI certification and the streamlined certification process is available on NCUA’s website. The streamlined certification process is run through the NCUA Office of Credit Union Resources and Expansion.

NCUA notes that the streamlined application process, developed with the CDFI Fund, has helped 50 credit unions obtain certification as community development financial institutions.

NCUA-CDFI Certification Initiative