Low-income credit unions in Florida, Puerto Rico, Texas, and the U.S. Virgin Islands, hit hard by recent hurricanes, are eligible to use a streamlined certification process to qualify as Community Development Financial Institutions, the NCUA announced Friday.
“CDFI certification can open the door to financial and technical support that helps qualified low-income credit unions provide more resources locally, particularly when the need is acute, as it is in areas devastated by the hurricanes last fall,” said NCUA Chairman J. Mark McWatters.
The deadline for submitting information during this special round is 3 p.m. Eastern time on February 16. Credit unions that qualify for the streamlined certification will be notified by March 30.
Additional information is available through the Office of Credit Union Resources and Expansion by e-mail at CURECDFI@ncua.gov or by telephone at 703-518-6610.
In the streamlined process, low-income credit unions may submit data on loan originations to the NCUA’s Office of Credit Union Resources and Expansion. Agency staff will analyze the information and other factors to determine the likelihood a credit union may qualify.
If a credit union qualifies for the streamlined process, the NCUA will provide the application and information needed to complete it.
The deadline for submitting information during this special round is Feb. 16, 2018 at 3 p.m. Eastern. Credit unions that qualify for the streamlined certification process will be notified by March 30.
Credit unions that do not qualify for the streamlined process may apply through the regular CDFI process.
The agency will host its previously announced certification rounds in March June and September.
Credit unions that are certified can take advantage of training and competitive award programs provided through the CDFI Fund. These resources are designed to enhance credit union capacity to provide underserved communities with access to safe and affordable financial services.
