Low-income-designated, federally insured credit unions will be able to access the National Credit Union Administration’s (NCUA) qualification process for “streamlined” community development financial institution (CDFI) certification beginning March 29 (Sunday), the agency said Thursday.
Credit unions certified as CDFIs can apply for training and competitive award programs provided by the Treasury CDFI Fund for their work serving underserved communities.
The intake period for the streamlined certification process closes May 31, the NCUA said.
To qualify, low-income-designated credit unions submit data on their loan originations to the NCUA by email to CURECDFI@ncua.gov using the NCUA’s secured email encryption system and complete an online participation form (linked below). NCUA’s Office of Credit Union Resources and Expansion (CURE) then analyzes each credit union’s products, services, and other indicators to determine whether it qualifies to use the streamlined certification application, the agency said.
“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,” the agency said. It added that a credit union that does not qualify for this streamlined process may still pursue the CDFI certification through the standard application.
NCUA reports that the streamlined application process, developed by the NCUA and the CDFI Fund, has helped 58 credit unions obtain certification as CDFIs.