PLANO, Texas–The Cornerstone Credit Union League said it is partnering with Inclusiv to help credit unions gain federal designations and additional resources to better serve low-income and underserved members.
According to the league, the partnership will help qualified credit unions obtain the following designations:
- Community Development Credit Union (CDFI). “Mission-driven financial institutions that create economic opportunity for individuals and small businesses, quality affordable housing, and essential community services,” the league said.
- Minority Deposit Institution (MDI). “Credit unions designated as minority depository institutions provide safe, affordable financial services to members and communities who are often unserved or underserved by financial institutions.”
Address ‘Longstanding Issue’
The Cornerstone league said the Cornerstone Foundation will play a key role in offering grants and manage the CDFI and MDI networking groups, resources that will facilitate credit union service to low-income and underserved members.
“The partnership with Inclusiv will help address the longstanding issue of financial instability within underserved communities,” said Cornerstone Foundation Executive Director Courtney Moran. “In helping credit unions obtain CDFI and MDI designations, we can help empower and promote financial inclusion of low-income communities.”
A webinar on the new initiative will be held Nov. 10 from 2-3 p.m. CT during which Cornerstone said will discuss the partnership in depth and share key information.