NEW YORK – Nearly 40 credit unions have completed paperwork to become certified as Department of Treasury's Community Development Financial Institutions (CDFI), according to the National Federation of CDCUs, which has assisted in the applications.
According to the Federation, “this record demand for certification came from credit unions looking to tap into Treasury's Community Development Capital Initiative (CDCI), which is making low-interest, long-term secondary capital available to CDFI-certified community development credit unions (CDCUs). The Federation successfully met the increased demand by developing a methodology based on random sampling, which allowed it to determine target market eligibility much more accurately and efficiently than ever before.”
The Federation noted that seven months into the current year, it is already the largest number of credit union CDFI certification applications ever submitted to the CDFI Fund in any given year. New CUs certified as CDFIs are Cooperative Center FCU, CoVantage CU, Foss Avenue Baptist Church FCU, Liberty County Teachers FCU, Northland Area FCU, Potlatch No. 1 FCU, and SunTide FCU.
