PITTSFIELD, Mass. Greylock Federal Credit Union announced that it has been certified by the U.S. Treasury Department's Community Development Financial Institutions (CDFI) Fund.
The certification will allow the $1 billion CU to expand its services to address the needs of low- to moderate-income families. There are 808 certified CDFIs in the U.S., Greylock noted, including loan funds, credit unions and community banks. Greylock is the only CDFI credit union in the state of Massachusetts, it added.
To receive such a certification, financing organizations must have a primary mission of promoting community development and providing development services in conjunction with their financing activities, Greylock explained. The benefits of CDFI 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, the credit union also stated.
"Providing financial services to people of modest means is at the heart of what it means to be a credit union," said Greylock President Marilyn L. Sperling in a statement. "We are one of the last places in the region where a family can have a truly free checking account without a minimum balance requirement or monthly fee. The CDFI certification will help us expand our financial literacy outreach, increase our lending programs focused on lower income families, and help more families achieve greater financial stability."
GFCU also noted that it had already received a low-Income CU designation from NCUA, based on an analysis that revealed more than half of Greylock's members live in areas designated as "low income" by federal standards.
"Through these designations, federal agencies are providing credit unions with more tools to help meet the needs of families facing tough economic times," Sperling said.
