CUNA Mutual Group is collaborating with Inclusiv to help raise credit union awareness and utilization of the Community Development Financial Institution (CDFI) program.
The U.S. Treasury Department’s Community Development Financial Institutions Fund designates organizations that provide financial services to low-income communities and to people who lack access to financing and that meet certain criteria as Community Development Financial Institutions.
CUNA Mututal Group and Inclusiv have prepared timely videos that 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.
More resources on becoming a CDFI:
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