WASHINGTON – Credit unions in Florida may be able to obtain certification as community development financial institutions thanks to funding from the $6 billion Suncoast Credit Union and the efforts of the National Federation of Community Development Credit Unions.
The National Federation offers a program called CU Breakthrough that consults with credit unions on their efforts to obtain CDFI certification from the U.S. Treasury's Community Development Financial Institutions Fund. Suncoast, the federation's largest asset member, will fund the CU Breakthrough process for up to 10 Florida credit unions, the federation announced Wednesday during CUNA's Governmental Affairs Conference in Washington.
Since its inception in 1974, the U.S. Treasury CDFI Fund has made a total of $2 billion in grants CDFIs to promote the delivery of financial services to some of the nation's most impoverished communities. Suncoast Credit Union gained CDFI certification in May 2014 with the assistance of the federation.
"Federation research has established that CDFI certified credit unions make efficient, effective use of CDFI grants, helping thousands of low-income, minority and under-banked individuals along a path toward greater financial security. CU Breakthrough's 2014 certification campaign resulted in the certification of an unprecedented number of credit unions. We are delighted that Suncoast Credit Union is joining us in our continuing campaign to increase the number of certified CDFI credit unions," said Federation President/CEO, Cathie Mahon.
Tom Dorety, Suncoast President/CEO, added, "We are pleased to support this effort that in the end will help provide financial literacy to communities that are un-served or underserved by traditional financial institutions. The greatest service we can offer is to teach our communities about the freedom of well managed personal finances."
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