Credit unions seeking certification as community development financial institutions (CDFIs) can apply for a streamlined qualification process at the National Credit Union Administration (NCUA) between Sept. 12 and Oct. 15, the agency said Wednesday.
Credit unions must be federally insured and hold the NCUA’s low-income credit union designation to receive CDFI certification. Those certified are eligible to apply for financial and technical assistance awards from the Treasury CDFI Fund to support their work in low-income and underserved people and communities.
“CDFI certification is an important tool eligible credit unions can use to expand opportunity for their members and communities,” NCUA Chairman Todd Harper said in a statement with Wednesday’s release. “Credit unions can use CDFI funding to build capacity and develop new products and services to meet the credit and savings needs of consumers, especially those of modest means. I encourage all eligible credit unions to apply.”
To qualify for the streamlined process, low-income-designated credit unions must register in the NCUA’s CyberGrants system and complete an online participation form. The agency said its Office of Credit Union Resources and Expansion will review each credit union’s products, services, and other indicators to determine whether the credit union qualifies for the streamlined certification application.
Qualified credit unions will be given the information they need to complete and submit the streamlined certification application to the CDFI Fund, the NCUA said. The CDFI Fund will make the final certification decisions.
More details are available via the NCUA’s online program guide.