Press
GPO Federal Credit Union receives CDFI certification
WASHINGTON, DC (March 17, 2015) — GPO Federal Credit Union (GPOFCU) 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 GPOFCU to better serve the low and moderate-income consumers and promote financial inclusion in Washington, D.C. 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, GPOFCU had received Low Income Designation from the National Credit Union Administration (NCUA), providing GPOFCU with the option to accept deposits from non-members, offer secondary capital accounts and receive an exemption from the aggregate limit on member business lending.
GPOFCU 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 Washington, DC.”
“Receiving the Community Development Financial Institution (CDFI) Certification is enormous for the credit union,” said GPOFCU CEO Timothy L. Anderson. “It provides an opportunity to secure grant funding to further serve those in our communities with low to moderate incomes, as well as offer enhanced products and services to compete with the copious pay day lenders. At GPOFCU we view financial services as a right for everyone, not just for a privileged few.”
“We also just celebrated GPOFCU’s 80th Anniversary at the Annual Membership Meeting on March 12,” Anderson stated. “Several representatives of our community partner organizations, including the Community Preservation and Development Corporation (CPDC), Mission First Housing/Columbus Property Management, Edgewood/Brookland Family Support Collaborative, and Friendship Public Charter Schools, attended this gala celebration. GPOFCU works with these DC-based organizations to bring financial literacy and affordable financial services to their employees, residents, clients, students and families. Our CDFI Certification will serve to enhance the credit union’s outreach efforts with these and others in the community.”
About GPOFCU
The GPO Federal Credit Union (GPOFCU), with $38 million in assets and 3,800 members, was federally chartered in 1935 to serve employees of the U.S. Government Printing Office in Washington, DC. GPOFCU also currently serves GPO’s retirees and cafeteria employees, select employee groups (SEGs), and individuals who live, work, worship or attend school in the areas of Southeast,Southwest, Northeast and most of Northwest Washington, DC. For additional information about GPOFCU, contact Timothy L. Anderson, President/CEO, or visit www.gpofcu.org.