A second application round for credit unions seeking certification as community development financial institutions (CDFIs) is open at the National Credit Union Administration (NCUA) until Oct. 17, the agency said Monday.
NCUA said that federally insured, low-income-designated credit unions can find all the necessary information about CDFI qualification in its program guide, available online. Certification as a CDFI allows the institutions to apply for Treasury Department CDFI Fund training and awards to aid them in serving economically distressed areas.
To qualify for the streamlined application process, 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 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.”
Credit unions that do not qualify for the streamlined process can still use the standard CDFI certification application, the agency said.
The agency’s last streamlined CDFI certification application round opened in March; the intake period closed May 31.
The NCUA said the streamlined application process, developed by the credit union agency and the CDFI Fund, has helped 58 credit unions obtain CDFI certification.