The National Credit Union Administration will begin accepting qualification applications next week for federally insured, low-income credit unions that want to become certified community development financial institutions.
From March 19 to April 6, eligible CUs can submit data on loan originations to NCUA’s Office of Credit Union Resources and Expansion. The agency will then analyze each credit union’s products and services, and other indicators to determine its eligibility for certification.
If a credit union is qualified to use its streamlined application process, NCUA will provide an application form and the data necessary to complete it. The credit union then completes the application and submits it to the CDFI Fund, which makes the final determination on the certification.
Developed by the NCUA and the Community Development Financial Institutions Fund, the streamlined application process has helped 39 credit unions obtain certification as community development financial institutions.
Credit unions that obtain CDFI certification can take advantage of training and competitive award programs provided by the CDFI Fund.