NEW YORK–Credit unions have been among the primary drivers of asset growth in community development financial institutions (CDFIs), according to a new report from the New York Fed.
The report, titled “Sizing the CDFI Market: Understanding Industry Growth,” said CDFIs have been experiencing “remarkable growth” over the last five years.
“Since 2018, industry assets have tripled to over $450 billion. During the same period, the number of CDFI-certified entities has risen by 40%,” the New York Fed stated. “Many depository institutions, such as credit unions and banks, became certified as CDFIs during the five years ending in May 2023. During that period, the number of CDFI credit unions almost doubled, growing from 290 in 2019 to 529 in 2023.”
According to the New York Fed, CDFI banks and credit unions appear to be the largest individual CDFIs by assets.
“Specifically, the largest CDFI by assets is a credit union with about $17 billion. These findings are relevant since they may impact the momentum in further developing a secondary market in loans originated by CDFIs,” the New York Fed stated.
The full report can be found here.
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