ALEXANDRIA, Va.—Credit unions have less than two weeks remaining to submit applications to become a certified community development financial institution (CDFI) through the NCUA's streamlined application process.
The streamlined process ends April 6; the program guide to apply is available here.
Federally-insured, low-income credit unions are eligible to apply. Credit unions that are CDFI certified are then able to take advantage of training and award programs provided through the Treasury Department's CDFI Fund, which provides resources to help credit unions provide financial services in underserved communities.
As CUToday.info reported, Congress last week passed a $1.3 trillion spending bill that includes $250 million for the CDFI Fund, as well as $2 million for the NCUA's Community Development Revolving Loan Fund (CDRLF). NAFCU has urged Congress to fully fund the programs to ensure credit unions can continue to provide financial stability for low-income members and their families, as CDFI credit unions predominantly serve low-income areas and are often the only financial services option.
This is the first CDFI qualification round of 2018. For those credit unions that are already certified or certifiable CDFIs, April 4 is the application deadline for the CDFI Fund's fiscal year 2018 funding round, NAFCU noted.