Removing Barriers Blog

NCUA and Treasury to Streamline CDFI Process
Posted January 22, 2016 by CUNA Advocacy

Yesterday, NCUA and the Department of Treasury signed an agreement to streamline the process for low-income credit unions seeking to become certified as a Community Development Financial Institution (CDFI).  CDFI status provides additional funding and training to credit unions that work every day to serve low-income and underserved communities.  

The NCUA and Treasury goal of doubling the number of CDFI certified credit unions in 2016 shows the essential roll credit unions play in helping the underbanked and unbanked.  In addition, we hope the important link that NCUA and Treasury make between low-income credit unions and CDFIs will continue as we encourage NCUA to grant all CDFI certified credit unions low-income status.