The National Credit Union Administration (NCUA) and U.S. Treasury Department will partner up to double the number of Community Development Financial Institution (CDFI) certified, low-income credit unions in 2016. The memorandum of agreement will be signed today.
The Treasury Department works with the CDFI Fund to fund and support mission-driven financial institutions. Treasury Secretary Jack Lew announced the NCUA-Treasury partnership last week at the HOPE Global Forums annual meeting. (Read the full transcript of Secretary Lew’s remarks relating to the expansion of CDFI credit union.)
NCUA Chairman Debbie Matz says, “Doubling the number of CDFI credit unions will allow significantly more low-income credit unions access to funding and technical assistance, available through the CDFI Fund, to serve underserved members and communities, and to expand financial products and services to them.”
Currently there are 265 CDFI-certified credit unions in the U.S. If your credit union would like to know more about becoming CDFI certified, contact LSCU & Affiliates VP of Cooperative Initiatives Laura Vann at 866.231.0545 ext. 2181. You can also watch a webinar on the League’s Community Development Across Florida and Alabama program which helps credit unions get their certification and also apply for CDFI grants.
If you are attending the CUNA GAC in Washington, D.C., the National Federation of Community Development Credit Unions (Federation) is hosting the 5th Annual CDFI Roundtable on Feb. 22. Register to attend the roundtable and meet keynote speaker, Jessica Milano, Deputy Assistant Secretary for Small Business, Community Development and Housing at the US Department of Treasury.