Important CDFI changes coming in October

With the “people helping people” philosophy at work every day, credit unions know it is essential to generate economic growth and opportunity in some of the most distressed communities. Federally insured, low-income credit unions that want to become certified Community Development Financial Institutions have until Oct. 5 to apply to use the National Credit Union […]

With the “people helping people” philosophy at work every day, credit unions know it is essential to generate economic growth and opportunity in some of the most distressed communities. Federally insured, low-income credit unions that want to become certified Community Development Financial Institutions have until Oct. 5 to apply to use the National Credit Union Administration’s qualification process for streamlined CDFI certification. This will be the final opportunity to take advantage of the streamlined certification process in 2019.

Credit unions need to be aware the U.S. Treasury Department has announced important changes to the Community Development Financial Institution and the Native American CDFI Assistance programs. Beginning with the FY2020 application round, credit unions must be certified as CDFIs no later than the date the Notice of Funds is published in the Federal Register. That notice is expected to be published in early 2020.

The agency’s Office of Credit Union Resources and Expansion hosts a resource page with details about CDFI certification and the streamlined process. The agency’s application guide has the necessary instructions for the qualification process. The Community Development Financial Institutions Fund’s webpage offers information about the benefits of CDFI certification.

Developed by the NCUA and the CDFI Fund, the streamlined application process has helped 50 credit unions obtain certification as community development financial institutions.

Contact Southeastern Credit Union Foundation Director Juli Lewis with any questions.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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