NCUA extends CDFI certification deadline

The deadline to apply for Community Development Financial Institution certification has been extended by the National Credit Union Administration.

The new deadline is now Nov. 30. This will be the last chance for credit unions to pursue the streamlined certification process in 2019.

“Credit unions need to be aware the U.S. Treasury Department has announced important changes to the Community Development Financial Institution and the Native American CDFI Assistance programs,” according to a press release on Monday.

The biggest change CUs need to be aware of is that beginning with the fiscal year 2020 application round, all institutions must be CDFI-certified as of the date the notice of funds availability is published in the Federal Register to pursue financial assistance grants.

Previously credit unions were eligible to apply for CDFI funding rounds even if they were not certified. Given this change, the CDFI Fund urged those interested in submitting grant applications to apply for certification immediately.

The streamlined application process has assisted 50 credit unions in obtaining certification, according to the release.