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Michigan Credit Union League

Opportunity to Qualify for Streamlined CDFI Application

Low-income credit unions have one more opportunity in 2017 to qualify to use the streamlined application to obtain the Community Development Financial Institution certification. NCUA will accept qualifying data from Aug. 7 through Sept. 1.

The Community Development Financial Institutions Fund, through a partnership with NCUA, developed the streamlined application for CDFI certification. It significantly reduces the amount of data and analysis a credit union must perform to apply for CDFI certification.

In the streamlined application process, NCUA analyzes a low-income credit union’s products, services and other indicators showing the likelihood it will qualify for certification. The credit union must submit data to NCUA on its loan originations and identify its target market. If the credit union is qualified, NCUA will provide an application form and the data necessary to complete it. Credit unions are then required to complete the application and forward it to the CDFI Fund for the final determination of certification. Details and instructions can be found in NCUA's Program Guide.

Each interested low-income credit union (LICU) may participate in the program only once a year.

LICUs that do not qualify for the streamlined certification application may still apply to become a CDFI using the standard application.

For more information, visit the NCUA’s webpage on the NCUA-CDFI Certification Initiative.

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2017-08-28 00:00:00