WASHINGTON, D.C. (March 9, 2022) — In light of the National Credit Union Administration (NCUA)’s announcement it was eliminating its streamlined application for Community Development Financial Institution (CDFI) certification, CUCollaborate has stepped in to fill the void.
The company is now offering to pre-qualify any credit union for CDFI certification entirely for free, including reviewing and analyzing data, and consulting on any potential internal adjustments necessary in order to obtain the designation.
CDFI certification is conferred through the CDFI Fund of the Department of the Treasury, and recognizes institutions meeting certain criteria related to serving low-income communities and populations that lack equitable access to financing.
To apply for the recognition, organizations must submit an application directly to the Fund. Through CUCollaborate’s approach, an institution can be certain beforehand they match all requirements for eligibility.
Attaining certification can lead to major benefits in the form of either Financial Assistance Awards or Technical Assistance Grants. In 2021, 1,395 such awards were given out by the CDFI Fund, totaling $1.4 billion altogether.
CUCollaborate champions credit union growth through disruptive innovation. The company’s aim is to help credit unions adapt, grow, and succeed long term by offering the innovation, insight, and know-how to help them do it. CUCollaborate Website: www.cucollaborate.com CUCollaborate LinkedIn: www.linkedin.com/company/cucollaborate/
CUCollaborate | Ben Hering
C: 612.239.0026
bhering@cucollaborate.com
African American Credit Union Coalition
678.587.5111 ph § 866.782.2282 toll-free
E: Office_of_the_CEO@aacuc.org
