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NCUA's Final CDFI Qualification Round Runs Aug. 7 to Sept. 1
Friday, August 4, 2017 6:35 AM

Streamlined application process can help eligible credit unions

The National Credit Union Administration is hosting its third and final round for credit unions to qualify to use the streamlined application for certification as community development financial institutions (CDFI).

In the streamlined application process, developed by NCUA and the Community Development Financial Institutions Fund, low-income credit unions submit data on loan originations and their target markets to the NCUA's Office of Small Credit Union Initiatives. The agency will then analyze each credit union's products and services and other indicators to determine its likelihood for certification.

If the credit union is qualified to use the streamlined process, NCUA will provide an application form and the data necessary to complete it. The credit union then completes the application and sends it to the CDFI Fund for final determination of certification.

Credit unions can find more information on the NCUA-CDFI Certification Initiative webpage. Eighteen federally insured, low-income credit unions have already obtained certification through the streamlined process. Low-income credit unions that do not qualify for the streamlined program may still obtain a CDFI certification through the CDFI Fund's standard application available here.