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News Now

Washington
CUs equal 20 of CDFIs says federation
WASHINGTON (1/19/10)--The U.S. Treasury Department's Community Development Financial Institutions (CDFI) Fund last week certified five credit unions and one credit union service organization (CUSO) as CDFIs. The certified organizations are Atlanta, Ga.’s B.O.N.D. Community Development FCU, Cleveland, Tenn.’s Bradley Initiative CU, El Paso, Texas’s El Paso Credit Union Affordable Housing, LLC, Clarksdale, Miss.’s Friendship Community FCU, Monroe, Ala.’s Monroe Education Employees FCU, and Jackson, Miss.’s Valued Members CU. Community Development Credit Unions (CDCUs) now account for 165, or 20%, of CDFI-certified financial institutions, the National Federation of Community Development Credit Unions (NFCDCU) reported. In comments accompanying the announcement, NFCDCU President/CEO Cliff Rosenthal said that that his group has “been focusing” on getting more CDCUs certified under the CDFI, as “nearly all” of their member CDCUs “qualify for the designation.” 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, and credit unions that are certified to take part in the CDFI program may apply for as much as $2 million in funding that will help maintain their credit union's presence in the community. The Treasury is making a total of $113 million in funding available through the CDFI Fund during 2010.


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