Low-income credit unions in Florida, Texas, Puerto Rico and the U.S. Virgin Island -- areas which were hit hardest by Hurricanes Harvey, Irma and Maria last fall -- will now have a special opportunity to seek certification as Community Development Financial Institutions, the National Credit Union Administration announced today.
NCUA has opened an additional round of its streamlined CDFI certification process to low-income credit unions in these aforementioned areas. The deadline for submitting information during this special round is February 16, 2018 at 3 p.m. Eastern. Credit unions that qualify for the streamlined certification process will be notified by March 30.
“Helping credit unions help their members and communities is essential to the NCUA’s mission,” J. Mark McWatters, NCUA board chairman, said in a statement. “CDFI certification can open the door to financial and technical support that helps qualified low-income credit unions provide more resources locally, particularly when the need is acute, as it is in areas devastated by the hurricanes last fall.”
McWatters encouraged any low-income credit union interested “in pursuing this opportunity to work with our Office of Credit Union Resources and Expansion.”
The streamlined certification process was developed with the Treasury Department’s Community Development Financial Institutions Fund, and low-income credit unions may submit data on loan originations to the NCUA’s Office of Credit Union Resources and Expansion. Agency staff will analyze each credit union’s information and other indicators to determine its likelihood for certification. CUs that are qualified to use the streamlined process will receive applications from NCUA along with the necessary data for completion, after which the application is submitted to the CDFI Fund.
Credit unions not eligible for streamlined certification can still use the standard application. The CDFI Fund webpage has complete information.
For more information, please contact the Office of Credit Union Resources and Expansion by email at CURECDFI@ncua.gov or by telephone at 703-518-6610.