Federally insured, low-income credit unions seeking a CDFI certification can apply for the NCUA’s streamlined qualification process between Sept. 12 and Oct. 15, the agency announced on Wednesday.
To qualify, low-income-designated credit unions must register in the NCUA’s CyberGrants system and complete an online participation form. The NCUA’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.
Credit union professionals can access the NCUA’s online program guide, which includes instructions for the streamlined qualification process. It was developed through a joint effort by the agency and the CDFI Fund.
Credit unions that do not qualify to use the streamlined process may still pursue the CDFI certification through the standard application.