The NCUA has extended the deadline for federally insured, low-income credit unions that want to become certified Community Development Financial Institutions to apply for qualification through the agency’s streamlined CDFI certification process. The deadline is now Nov. 30.
This will be the final opportunity to take advantage of the streamlined certification process in 2019.
The agency is also reminding credit unions about important changes the Treasury Department has made to the Community Development Financial Institution and the Native American CDFI Assistance programs. 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.
The NCUA’s Office of Credit Union Resources and Expansion hosts a resource page with details about CDFI certification and the streamlined process. The agency’s application guide has the necessary instructions for the qualification process. Additionally, the CDFI Fund’s webpage offers information about the benefits of CDFI certification.
Developed by the NCUA and the CDFI Fund, the streamlined application process has helped 50 credit unions obtain CDFI certification.