ALEXANDRIA, Va.–Federally insured, low-income credit unions have until March 17 to apply for the first round of certification as community development financial institutions through the streamlined application process developed by NCUA and the Community Development Financial Institutions Fund.
“Through CDFI certification, low-income credit unions can better serve their communities,” said NCUA Board Acting Chairman J. Mark McWatters in a statement. “NCUA encourages low-income credit unions to explore the expedited application process. With access to CDFI funding and resources, credit unions can extend their reach and expand access to affordable financial services.”
According to NCUA, in the streamlined application process, low-income credit unions submit data on loan originations and their target markets to NCUA’s Office of Small Credit Union Initiatives. NCUA will then analyze each credit union’s products and services and other indicators to determine its likelihood for certification. If the credit union is qualified to use the streamlined process, NCUA will provide an application form and the data necessary to complete it. The credit union then completes the application and sends it to the CDFI Fund for final determination, the agency said.
NCUA will host three streamlined CDFI-certification application rounds in 2017, the first started in February and runs through March 17. The second round runs from May 1 through May 26, and the third round runs from Aug. 7 through Sept. 1.