ALEXANDRIA, Va.–NCUA is reminding that low-income credit unions in Florida, Puerto Rico, Texas, and the U.S. Virgin Islands, which were hit hardest by hurricanes Harvey, Irma, and Maria last fall, that they still have a special opportunity to seek certification as Community Development Financial Institutions.
“Helping credit unions help their members and communities is essential to the NCUA’s mission,” Board Chairman J. Mark McWatters said in a statement. “CDFI certification can open the door to financial and technical support that helps qualified low-income credit unions provide more resources locally, particularly when the need is acute, as it is in areas devastated by the hurricanes last fall. I encourage any low-income credit union interested in pursuing this opportunity to work with our Office of Credit Union Resources and Expansion.”
NCUA said it has opened an additional round of its streamlined CDFI certification process to low-income credit unions in these areas. The agency said its online program guide has all the necessary instructions for applying. NCUA will host its previously announced certification application rounds in March, June, and September.
The deadline for submitting information during this special round is Feb. 16, 2018 at 3 p.m. ET. Credit unions that qualify for the streamlined certification process will be notified by March 30.
In the NCUA’s streamlined process, developed with the Treasury Department’s Community Development Financial Institutions Fund, low-income credit unions submit data on loan originations to the NCUA’s Office of Credit Union Resources and Expansion. Agency staff will analyze each credit union’s information and other indicators to determine its likelihood for certification.
If the credit union is qualified to use the streamlined process, NCUA said it will provide an application form and data necessary to complete it. The credit union then completes the application and submits it to the CDFI Fund.
For info: CURECDFI@ncua.gov or by telephone at 703-518-6610.