More than ever, 2020 has shown a spotlight on the incredible impact credit unions make in their communities. Whether it is working around the clock to process Paycheck Protection Program loans or participating in social justice initiatives, credit unions have consistently demonstrated their commitment to serving the needs of their communities. That is how the U.S. Treasury Department's Community Development Financial Institution (CDFI) Program can help; combining private capital and federal funding to meet the needs of under-served communities that often lack access to affordable and safe financial services.
Additional benefits of the CDFI program include:
- Access to additional training resources
- Exemption from the NCUA's member business lending cap
- Membership in a learning community of like-minded credit unions to share ideas
- Limited exemptions under the CFPB Qualified Mortgage and Ability-to-Pay rules
There is no one-size-fits-all approach to CDFI certification. A good CDFI credit union candidate makes it their primary mission to provide development services, like financial education and coaching for those community members who need it most. That commitment is also displayed on their governing or advisory boards, reflecting the communities they serve. You can learn more about the CDFI program certification process by registering for one of the weekly informational meetings, hosted by Inclusiv.