GLENDALE, Calif.– California Credit Union is reporting it has been certified as a Community Development Financial Institution (CDFI) by the U.S. Treasury Department’s CDFI Fund.
The CDFI certification is for institutions that have proven they provide financial services and products in communities that have historically lacked access to traditional banking services.
“We’re excited to earn this certification, which will enable us to expand on our mission to improve lives in the communities we serve. The opportunities available to us as a CDFI will amplify our programs to invest in local Southern California communities that need it most through providing critically needed access to capital and education programs,” said President/CEO Steve O’Connell. “We look forward to this next step in serving and supporting our underserved communities by moving more underbanked community members to traditional financial services and providing loan programs to spark new growth and development in our service areas.”
With California Credit Union’s designation, the credit union said there are now seven CDFI certified credit unions in Los Angeles County and 36 in the state, per CDFI Fund data as of May 15, 2023.
Plans to Apply for Grants
With its certification, the $4.5-billion California Credit Union said it will apply for grant funding later this year to further expand its mission-driven programs for historically underserved communities that lack access to traditional, affordable financial products and services in its service areas.
CCU said the CDFI certification is the latest step in its mission to meet the needs of underserved populations in its communities. The CU noted its Option Checking account was recently certified as meeting the Bank On National Account Standards, offering safe access to a traditional checking account, with zero fees or overdraft charges to support moving members out of a debt cycle.
Adjusted Underwriting
The credit union said it also has adjusted underwriting guidelines to provide easier access to funds, launched credit card products for members looking to build/restore credit, and offers a full suite of financial education and literacy resources.
In earning the certification, California Credit Union worked with CU Strategic Planning, a Tacoma, Wash.-based firm that assists institutions with the CDFI application process.
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