The U.S. Treasury Department's Community Development Financial Institutions Fund has certified the $5.8 billion Suncoast Credit Union as a CDFI.
This means the largest recognized CDFI in the country is now a credit union.
The Tampa, Fla.-based institution has the certification for three years and is now eligible to apply for grants and funding through the CDFI fund to support its community development work.
"As a not-for-profit cooperative, we believe in improving the lives of our members and the communities in which we serve. This certification verifies our ability to attend to the needs of underserved markets and will support our efforts to develop new financial programs moving forward," Tom Dorety, president/CEO of Suncoast Credit Union, said.
The certification allows the credit union to access financial grants from the CDFI Fund, participate in partnership opportunities with banks seeking Bank Enterprise Awards, access New Market Tax Credits and gain the enhanced ability to raise funds from foundations, corporations and state and local governments.
Suncoast worked with the National Federation of Community Development Credit Unions' consulting group, CU Breakthrough, to attain the CDFI certification.
"CDFI certification is a valuable credential that helps credit unions increase their capacity to meet the needs of low-income consumers and to develop strategic partnerships to better connect with the community," Pablo DeFilippi, vice president of membership and business development at the Federation, said. "Low income designation combined with CDFI certification are the building blocks for sustainable growth in communities in Southwest Florida."
In March 2014, Suncoast received a low-income designation from the NCUA. Subsequently, the credit uino joined the Federation and applied to the Treasury for CDFI certification.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
