NCUA headquarters. (Source: NCUA)
The NCUA announced on Wednesday its streamlined qualification process will open up next month for federally insured, low-income credit unions pursuing Community Development Financial Institution (CDFI) certification.
The agency said the initial qualification process would run from Sept. 12 to Oct. 15.
The NCUA said low-income-designated credit unions must complete an online "Participation Form" in the NCUA's CyberGrants system. Once completed, the agency's Office of Credit Union Resources and Expansion "will review each credit union's products, services and other indicators to determine whether the credit union qualifies for the streamlined certification application."
"CDFI certification is an important tool eligible credit unions can use to expand opportunity for their members and communities," NCUA Chairman Todd M. Harper said. "Credit unions can use CDFI funding to build capacity and develop new products and services to meet the credit and savings needs of consumers, especially those of modest means. I encourage all eligible credit unions to apply."
According to the NCUA, it has created the necessary instructions for streamlined qualification in an online program guide, which was developed with help from the CDFI Institutions Fund.
The CDFI Fund makes the final certification decisions, according to the NCUA. Credit unions that do not qualify to use the streamlined process may still pursue the CDFI certification through the standard application process.
The CDFI program was created by Congress in 1994 and was designed to combine private capital and federal money to assist qualifying credit unions and other financial institutions to help underserved communities in the U.S. with affordable loans and other banking services.
Earlier this summer, the U.S. Treasury Department awarded $401.8 million in COVID-19 relief funds to 244 credit unions.
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Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
