(Aug. 27, 2021) Credit unions seeking certification as community development financial institutions (CDFIs) can apply for NCUA’s streamlined qualification process between Sept. 12 and Oct. 15, the agency said this week.
The CDFI certification is open only to federally insured credit unions that hold the agency’s low-income credit union designation. Those certified are eligible to apply for financial and technical assistance awards from the Treasury CDFI Fund to support their work in low-income and underserved people and communities.
To qualify for the streamlined process, low-income-designated credit unions must register in the NCUA’s CyberGrants system and complete an online participation form. The agency said its Office of Credit Union Resources and Expansion will review each credit union’s products, services, and other indicators to determine whether the credit union qualifies for the streamlined certification application.
Qualified credit unions will be given the information they need to complete and submit the streamlined certification application to the CDFI Fund, the NCUA said. The CDFI Fund will make the final certification decisions.