Cornerstone League Launches New Partnership With Inclusiv
Qualified credit unions can obtain CDFI and MDI designations to better serve low-income and underserved members.
The Cornerstone League in Plano, Texas, said it has partnered with Inclusiv to help credit unions gain federal designations and additional resources to better serve low-income and underserved members.
The partnership will help qualified credit unions obtain Community Development Credit Union (CDFI) designation to create economic opportunity for individuals and small businesses, quality affordable housing, and essential community services. The Inclusiv partnership also provides the opportunity for credit unions to obtain a Minority Deposit Institution (MDI) designation to offer safe and affordable financial services to members and communities that are often unserved or underserved by financial institutions.
Based in New York, Inclusiv’s mission is to help low-and moderate-income people and communities achieve independence through credit unions.
The Cornerstone Foundation will play a key role in offering grants and in managing the CDFI and MDI networking groups, as well as resources that will facilitate credit union services for low-income and underserved members.
“The partnership with Inclusiv will help address the longstanding issue of financial instability within underserved communities,” Cornerstone Foundation Executive Director Courtney Moran said in a prepared statement announcing the partnership earlier in October. “In helping credit unions obtain CDFI and MDI designations, we can help empower and promote financial inclusion of low-income communities.”
An informational webinar is scheduled for Nov. 10 during which Cornerstone will discuss the partnership and share information on how credit unions can qualify for CDFI and MDI designations and how they can benefit credit unions and their low-income and underserved members.
To register, visit the Cornerstone League’s website.