The U.S. Department of Treasury established the CDFI Fund in 1994 to provide resources to financial institutions delivering vital services to communities throughout the nation which have been overlooked by mainstream lenders and depositories.
CUNA Mutual is collaborating with Inclusiv and the Minnesota Credit Union Network to help raise credit union awareness and utilization of the Community Development Financial Institution (CDFI) program. Inclusiv facilitates credit unions’ access to funding opportunities for CDFIs and Minority Depository Institutions (MDI) as they are made available. To this end, Inclusiv provides expertise, technical assistance, advocacy and resources to CDFI-certified, CDFI-eligible and MDI-designated credit unions seeking to participate in these programs.
With CDFI certification, credit unions are eligible for:
These timely videos cover how credit unions can take advantage of the NCUA’s streamlined application process for CDFI and what to do next if their streamlined application is, or is not, approved by NCUA.
There is also a module detailing the Minority Depository Institution (MDI) designation, and how a credit union can self-designate as an MDI.
CUNA Mutual is collaborating with Inclusiv and the Minnesota Credit Union Network to help raise credit union awareness and utilization of the Community Development Financial Institution (CDFI) program. Inclusiv facilitates credit unions’ access to funding opportunities for CDFIs and Minority Depository Institutions (MDI) as they are made available. To this end, Inclusiv provides expertise, technical assistance, advocacy and resources to CDFI-certified, CDFI-eligible and MDI-designated credit unions seeking to participate in these programs.
With CDFI certification, credit unions are eligible for:
- Financial Assistance awards of up to $1 million per year and Technical Assistance awards of up to $125,000 per year
- COVID-19 Rapid Response Program and relief grants
- Low cost lines of credit to promote affordable housing lending through the Federal Home Loan Bank's community development program
- The Bureau of Indian Affairs loan guarantee program
- CDFI Capacity Building Initiative
- Regulatory and Administrative Recognition
- NCUA MBL waiver for non-LID credit unions
- NCUA Underserved Expansion based on CDFI Investment Areas
- Limited waiver for some CFPB provisions
- Market Differentiation: CDFI Certification is an attractive certification when pursuing partnerships with community organizations, banks and local governments
These timely videos cover how credit unions can take advantage of the NCUA’s streamlined application process for CDFI and what to do next if their streamlined application is, or is not, approved by NCUA.
There is also a module detailing the Minority Depository Institution (MDI) designation, and how a credit union can self-designate as an MDI.
Part I: Qualification Stage |
Part 2: Certification Application Stage |
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Not Eligible for NCUA Streamline Application? |
How to Verify My Credit Union As A Minority Depository Institution |
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7 Pillars of CDFICredit unions interested in becoming a CDFI will benefit from this short module that highlights the 7-pillars of a qualifying CDFI credit union.
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More Resources
- CUNA Mutual Group and Inclusiv Resources on applying for streamlined certification
- Check out Inclusiv’s webinar from March 1st for more detailed information on the RRP.
- Register for Inclusiv’s free CDFI office hours, held every Wednesday at 3pm EST, with CUNA Mutual Group.
- Visit Inclusiv to learn more about resources for CDFIs.
- Visit Inclusiv for resources for credit unions looking to get CDFI certified, including a series of videos with CUNA Mutual Group on the value of CDFI certification.
