Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
U.S. Treasury designates Mid Cities CU as CDFI
COMPTON, Calif. (4/26/12)--Mid Cities CU in Compton, Calif., has been awarded Community Development Financial Institution (CDFI) certification by the U.S Treasury. Certification allows the credit union to apply for grants from the federal CDFI Fund.

The CDFI Fund was created to promote economic revitalization and community development through investment in and assistance to CDFIs. The CDFI Fund was established by the Riegle Community Development and Regulatory Improvement Act of 1994, as a bipartisan initiative. Through monetary awards and the allocation of tax credits, the CDFI Fund helps promote access to capital and local economic growth in urban and rural low-income communities nationwide.

The credit union said it plans to put the new CDFI status "to good use helping the inner cities we serve," says Mid Cities President/CEO Melia Keller. "We couldn't have received our certification without the assistance of National Federation of Community Development Credit Unions. As with most government application processes, CDFI certification is long and tedious.

"The federation was instrumental in hand holding us throughout the detailed application process," she added. "Their knowledgeable staff was able to assist us in quickly collecting the data we needed to support CDFI status and to address any questions or concerns we had throughout the process. I highly recommend the federation to any credit unions considering seeking CDFI status."

Mid Cities CU received assistance from the National Federation of Community Development Credit Union's in its CDFI certification application process.

"This certification recognizes the unique role Mid Cities CU plays in terms of promoting financial inclusion and expanding access to affordable financial services and education to low income consumers and distressed communities," said Pablo DeFilippi, director of membership at the federation. The CDFI certification is a recognition that "sets this credit union apart from many other financial institutions and we welcome them to the growing family of CDFI certified CUs the federation represents," he added.
Other Resources

RSS print
News Now LiveWire
USFCU, Minn., hosts small business networking night. http://t.co/CBFHpJTFZe
12 hours ago
Number of @CUNA-certified fin. counselors hits 2,175 http://t.co/3fQGcdxyLO
12 hours ago
Jobless claims drop by 19,000 this week #Market #NewsNow http://t.co/LSqaYCsmX4
13 hours ago
#RBC draws letters from @SenatorBegich, @SenShelby to @TheNCUA See #NewsNow http://t.co/JvLBwkHwxF
14 hours ago
It's #summercamp with a financial literacy, #creditunion twist http://t.co/5eaps9ZoVB
16 hours ago