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CDFI Fund adds three CUs to approved institutions list
WASHINGTON (9/16/11)--A trio of credit unions are among the latest additions to the list of Community Development Financial Institutions (CDFI) after the U.S. Treasury's CDFI Fund approved them in August. The credit unions are:
*Jefferson Financial CU, Metairie, La.; * Carville PHS Employees FCU, Carville, La.; and *HawaiiUSA FCU, Honolulu, Hawaii.
The Treasury's CDFI Fund helps locally based financial institutions offer small business, consumer and home loans in communities and populations that lack access to affordable credit. Credit unions that are certified to take part in the CDFI program may apply for as much as $2 million in funding to help maintain their credit union's presence in the community. CDFI Fund distributions are merit-based, and a total of $25.7 million in funds were awarded to 25 credit unions under the fiscal year 2011 round of the CDFI Fund Program. Jefferson Financial, which holds $247 million in assets and has about 29,000 members, offers one-on-one financial counseling and broader budgeting, debt management, home purchase, credit and loan counseling to low income residents of Jefferson Parish, La., according to the CDFI Fund. The fund added that Carville PHS Employees FCU, which has $5 million in assets and 680 members, aids its community, which encompasses the parishes of Iberville and Ascension, by providing individual financial counseling. HawaiiUSA FCU offers financial education seminars, counseling, and youth- and student-specific financial literacy programs, the CDFI Fund said. The credit union, which holds around $1.3 billion in assets, serves 132,000 members and was also named as a certified Native CDFI last month. The CDFI Fund’s Native American CDFI Assistance (NACA) Program is designed to encourage the creation and strengthening of certified CDFIs that primarily serve Native American, Alaskan Native and Native Hawaiian communities. NACA funds may be used to finance capital or may be provided to financial institutions in the form of technical assistance grants. For the CDFI Fund's release, use the resource link.
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