The majority of community development financial institutions in the U.S. should be credit unions. And, the entire credit union industry and its members would benefit if they were.
That was the vision that energized advocates as they helped credit unions make their way down the sometimes frustrating path toward being recognized as CDFIs by the U.S. Treasury's Community Development Financial Institutions fund.
If more credit unions were CDFIs, the advocates reasoned, a greater share of CDFI funds would go to credit unions, further advancing their efforts to broaden member service.
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