Press
CASE Credit Union Receives CDFI Certification
Promotes financial inclusion in the Greater-Lansing area
LANSING, MI (October 17, 2014) — CASE Credit Union announces its certification by the US Treasury’s Community Development Financial Institutions (CDFI) Fund. There are 808 certified CDFIs in the US, including loan funds, credit unions and community banks. To receive this certification, financing organizations must have a primary mission of promoting community development and provide development services in conjunction with its financing activities.
CDFI certification allows CASE Credit Union to better serve the low and moderate-income consumers and promote financial inclusion in the Greater-Lansing area. The benefits of certification include access to financial grants from the CDFI Fund, partnership opportunities with banks that are seeking Bank Enterprise Awards, access to New Market Tax Credits and the enhanced ability to raise funds from foundations, corporations and state and local governments. Prior to certification, CASE Credit Union had received the Low Income Designation from the National Credit Union Administration (NCUA), providing CASE Credit Union with the option to accept deposits from non-members, offer secondary capital accounts and receive exemption from the aggregate limit on member business lending.
“We are excited about our CDFI certification and the expanded benefits we can now offer our low-income members,” said CASE Credit Union President/CEO Jeffrey Benson. “This certification will enhance the credit unions outreach efforts and help validate our mission “to assist members and employees to achieve financial success through service that is superior, convenient and easy to use.”
CASE Credit Union has provided seven low-income families grant funding for structural and energy efficiency home improvements through the Federal Home Loan Bank of Indianapolis’ Neighborhood Impact Program since June. Having enough money to maintain a home can be a challenge to low-income homeowners. These improvements assist the stabilization of neighborhoods and communities in our seven county field of membership.
CASE Credit Union worked with the National Federation of Community Development Credit Unions’ consulting group, CU Breakthrough, on CDFI certification. “CDFI certification is a valuable credential that helps credit unions increase their capacity to meet the needs of low-income consumers and to develop strategic partnerships to better connect with the community,” says Pablo DeFilippi, VP of Membership and Business Development at the Federation. “Low income designation combined with CDFI certification are the building blocks for sustainable growth in communities in the Greater-Lansing area.”
Established in 1936 by Lansing area educators, CASE Credit Union is a full-service financial institution serving over 34,000 members and managing more than $250 million in assets. CASE Credit Union is focused on service and committed to exceeding the financial expectations of today’s mobile society through convenient products and services. CASE was named one of Michigan’s Top 100 Places to Work in 2013 by the Detroit Free Press.