Federally insured, low-income credit unions that want to become certified Community Development Financial Institutions have until Saturday, Oct. 5, to apply to use NCUA’s qualification process for streamlined CDFI applications.
This will be the final opportunity for credit unions to take advantage of the streamlined certification process in 2019.
Developed by NCUA and the CDFI Fund, the streamlined application process has helped 50 credit unions obtain certification as community development financial institutions.
Credit unions should be aware that the U.S. Treasury Department announced important changes to the CDFI and the Native American CDFI assistance programs. Notably, beginning with the 2020 fiscal year application round, credit unions must be certified as CDFIs no later than the date the Notice of Funds is published in the Federal Register. That notice is expected to be published in early 2020.
The agency’s Office of Credit Union Resources and Expansion hosts a resource page with details about CDFI certification and the streamlined process. Additionally, the agency’s application guide has the necessary instructions for the qualification process. The CDFI Fund’s website offers information about the benefits of CDFI certification.