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Coastal Community FCU Receives CDFI Certification, Promotes Financial Inclusion in Galveston County
Monday, October 13, 2014 7:00 AM

Coastal Community Federal Credit Union announced its certification by the US Treasury's Community Development Financial Institutions (CDFI) Fund. There are 808 certified CDFIs in the US, including loan funds, credit unions, and community banks. To receive this certification, financing organizations must have a primary mission of promoting community development and provide development services in conjunction with its financing activities.

CDFI certification allows Coastal to better serve the low- and moderate-income consumers and promote financial inclusion in Galveston County. The benefits of certification include access to financial grants from the CDFI Fund, partnership opportunities with banks that are seeking Bank Enterprise Awards, access to New Market Tax Credits, and the enhanced ability to raise funds from foundations, corporations, and state and local governments.

Prior to certification, Coastal had received the low-income designation from the National Credit Union Administration, providing the credit union with the option to accept deposits from non-members, offer secondary capital accounts, and receive exemption from the aggregate limit on member business lending.

"The CDFI certification will enhance our outreach in an effort to help people sustain life and obtain financial freedom," states Coastal President Carol Gaylord. "Our goals are to expand our Volunteer Income Tax Assistance tax time saving match and to become ITIN Certified Acceptance Agents helping people obtain an ITIN, to initiate a small business start-up loan program, and to expand our financial literacy programs."

Coastal worked with the National Federation of Community Development Credit Unions' consulting group, CU Breakthrough, on CDFI certification.

"CDFI certification is a valuable credential that helps credit unions increase their capacity to meet the needs of low-income consumers and to develop strategic partnerships to better connect with the community," said Pablo DeFilippi, VP of Membership and Business Development at the Federation. "Low-income designation combined with CDFI certification are the building blocks for sustainable growth in communities in Galveston County."

Coastal Community Federal Credit Union was formed in 1957 by the Firefighters of the City of Galveston. Their dream was to provide financial freedom to firefighter families by providing affordable services. Today, Coastal continues to make those dreams come true.