The NCUA on Thursday alerted credit unions that the streamlined application process for those credit unions eligible to seek certification as a CDFI is being phased out.

Changes to the process were previously announced in May 2020. In 2017, the CDFI Fund initiated a review of its CDFI certification policies and procedures. The review was conducted to ensure that the practices continue to reflect and represent the evolving nature of CDFIs, as well as to safeguard government resources, according to Jodie Harris, CDFI Fund director.

CDFI certification makes credit unions training and competitive award programs to enhance their capacity to provide underserved communities with access to insured, affordable financial services. Currently, 461 federally insured credit unions are certified as CDFIs.

Credit unions can find information about applying for CDFI certification on the U.S. Treasury’s CDFI Fund webpage. For additional CDFI certification resources, check out the Inclusiv CDFI Support webpage.