Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Hawaiian CU now CDFI approved
WASHINGTON (8/10/11)--Honolulu, Hawaii’s The Queen’s FCU is one of three new financial institutions that were added to the U.S. Treasury’s list of approved Community Development Financial Institutions (CDFI) in July. 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. There are now 957 approved CDFIs, according to the Treasury. The credit union also was added to the list of institutions approved under the CDFI Fund’s Native American CDFI Assistance (NACA) Program, which addresses a lack of economic opportunity in Native communities by increasing access to capital and financial services. The credit union works with native Hawaiian healthcare workers and is a designated a low-income credit union. The CDFI Fund in a release noted that development services provided by the credit union include mortgage loan seminars, loan counseling, and overdraft and payday lender education. The CDFI Fund last month awarded $25.7 million in funds to 25 credit unions under the fiscal year 2011 round of the CDFI Fund's cornerstone program, the Community Development Financial Institutions Program. The awards will help the specialized, community-based financial institutions spur local economic growth and recovery, and expand access to affordable financial products and services. Credit union awards represented 18.06% of the number of CDFI Fund awards granted in this round. For the CDFI Fund’s release, use the resource link.
Other Resources

RSS





print
News Now LiveWire
Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
18 hours ago
.@TheNCUA's Matz: PALS should be exempt from Military Lending Act proposal #NewsNow http://t.co/Vy9uNhOIEr
18 hours ago
#NewsNow Iowa loan growth 3 times national bank rate http://t.co/fUvudPLg5d
21 hours ago
.@ICBA tallies its Home Depot data breach costs: $90M, 7.5M cards http://t.co/iJgRDC2AKZ
22 hours ago
.@icul's Jury elected treasurer of @WOCCU exec committee http://t.co/HEF1UChN8f
23 hours ago