The NCUA and the U.S. Treasury Department's Community Development Financial Institutions Fund signed an agreement Jan. 21 that will streamline the application process for low-income credit unions to become certified as community development financial institutions.
Credit unions that obtain CDFI certification can access training and competitive award programs provided by the CDFI Fund, and the resources can aid their capacity to provide underserved communities with access to safe and affordable financial services.
"This memorandum of understanding opens up enormous possibilities for credit unions," Chairman Debbie Matz said. "By facilitating the CDFI application process and, ultimately, increasing the number of certified CDFI credit unions, we're laying the foundation for greater access to affordable financial services and more investment in local communities. This will help credit unions better serve members and communities that have been difficult to reach, and that will help more people build wealth and more secure financial futures for themselves and their families."
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