A reminder that credit unions have only until May 31 to apply to use the National Credit Union Administration’s streamlined process for obtaining community development financial institution (CDFI) certification was issued by email Friday by the agency.
The NCUA notes that a CDFI-certified credit union may apply for technical assistance and competitive financial awards, up to $125,000 and $2 million respectively. CDFI awards are provided through the Treasury CDFI Fund.
Credit unions must qualify for the streamlined process before they can use it. The NCUA said that low-income-designated credit unions must submit data on their loan originations to the agency by email to CURECDFI@ncua.gov using the NCUA’s secured email encryption system; it must also complete an online participation form. 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, it said.
The NCUA said it will provide qualified credit unions with the necessary information to complete and submit the streamlined certification application to the CDFI Fund, which will make a final certification decision.
Those not qualifying for the streamlined application process can still apply using the standard process (see more at the CDFI Fund website).
CDFI Fund certification information (standard process)