Focus Federal, an Oklahoma City-based credit union with three branches and $100 million in assets, announced earlier this month that it has become the first credit union in Oklahoma City and the second in the state to receive Community Development Financial Institution (CDFI) status from the U.S. Department of the Treasury.
Focus Federal President Kyle Roush shared his insights with CU Times regarding the designation process and what credit unions need to consider if they're thinking about pursuing CDFI status.
The U.S. Treasury's CDFI program aims to improve access to financial products and services in underserved, economically-distressed communities (distressed can be defined by poverty rates, net out-migration rates or income levels, according to the rules).
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