NCUA Opens CDFI Certification for 2017 Posted by Association of Vermont Credit Unions on 10:33 AM

The National Credit Union Administration has begun the first of three periods in 2017 during which federally insured low-income credit unions can apply to become certified as community development financial institutions. This first period is open through March 17.  The second round runs from May 1 through May 26, and the third round runs from Aug. 7 through Sept. 1.

With access to CDFI funding and resources, credit unions can extend their reach and expand access to affordable financial services. In the streamlined application process, low-income credit unions submit data on loan originations and their target markets to NCUA’s Office of Small Credit Union Initiatives. NCUA then analyzes the credit union’s products and services and other indicators to determine its likelihood for certification. If the credit union is qualified to use the streamlined process, NCUA will provide an application form and the data necessary to complete it. The credit union then completes the application and sends it to the CDFI Fund for final determination.

See NCUA's CDFI page for more details.