NCUA has announced that federally insured, low-income credit unions that want to become certified CDFIs can now apply to utilize its qualification process for streamlined CDFI certification. The intake period closes May 31.
Credit unions that have obtained CDFI certification are eligible to apply for training and competitive award programs provided by the CDFI Fund. The grants from the programs support CDFIs providing affordable financing and related services to low-income communities and populations that lack access to credit, capital and financial services.
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.