PORTLAND, Ore. –Three more credit unions have been designated as community development financial institutions (CDFIs).
In Oregon, Rivermark Community Credit Union said it has been certified as a Community Development Financial Institution (CDFI) by the U.S. Department of Treasury.
Rivermark noted it is now among 1,300+ financial institutions nationwide that are CDFIs, and becomes the 10th Oregon-based credit unions to achieve this certification.
Rivermark said the certification also supports its mission, “Building Financial Empowerment Together.”
“Words can’t express how excited I am for this opportunity to accelerate our already impactful mission-driven work,” said President/CEO Seth Schaefer. “This certification will allow us to secure grants to build on our strategic pillars, including opportunities to support home ownership and low-cost loans for local veteran, women, and minority owned businesses.”
Rivermark CCU said it is also dedicated to ensuring that its members have the tools and education to successfully manage their money.
“As we explore grant opportunities, we are particularly interested in opportunities that help reduce financial stress,” said Ryan Halley, Rivermark’s VP-financial wellness.
New CDFI in the Evergreen State
Meanwhile, in Bremerton, Wash., Kitsap Credit Union has also been designated as a CDFI.
“We are very excited about the value the CDFI designation will bring to our communities,” said Kitsap Credit Union CEO Shawn Gilfedder. “As a CDFI credit union we will be able to expand the population we serve and magnify what we will be able to offer them, bringing them closer to fulfilling their dreams. It is important that our members know their money is with an organization that focuses on improving all lives in our community.”
Kitsap CU said it is looking forward to working with those in need by helping them gain financial stability, and will use its CDFI designation to offer low-cost mortgages for first-time home buyers, loans for small businesses, and strategic loans designed to help members build their credit
The credit union said it has also begun developing plans on how it will be allocating its CDFI grants which will focus on serving the underserved populations in their communities including Native Americans, the elderly, and low-income households.
“Our goals through our CDFI efforts are to help financially educate our community and in turn promote a healthier local economy,” said Gilfedder.
New CDFI in the Silver State
In addition, in Reno. Nev, Greater Nevada Credit Union (GNCU) has also been certified as a CDFI. With $1.6 billion in assets, GNCU said it is both the largest financial institution and the only CDFI-certified credit union with headquarters in the state of Nevada.
“Certification as a CDFI institution is a reflection of Greater Nevada Credit Union’s commitment to our community and for helping people in Nevada Live Greater,” said President/CEO Wally Murray. “Nevada has typically been one of the most underfunded states in terms of CDFI institutions and grant-funded programs to serve those who need it most. We plan to leverage both our passion and our experience to utilize the CDFI Fund to help even more individuals and their families achieve better financial outcomes.”
Greater Nevada said the CDFI designation will allow it to explore innovative new programs for individuals who may not qualify for conventional loans, deposit accounts, and down-payment assistance programs.
“Greater Nevada Credit Union is already active throughout our region providing affordable products, free financial education, and direct monetary support to organizations that provide a range of economic and community development benefits,” Murray said. “This designation will allow us to look for impactful programs that focus on reaching those disadvantaged and underserved populations who can directly benefit more from accessing our services.”
Greater Nevada Credit Union worked with CU Strategic Planning, Tacoma, Wash., to obtain the CDFI designation.
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