Press
Greylock receives CDFI Certification
Allows Expansion of Services to Low & Moderate Income Families
PITTSFIELD, MA (March 5, 2015) — Greylock Federal Credit Union (GFCU) announced its certification by the U.S. Treasury Department’s Community Development Financial Institutions (CDFI) Fund. The certification allows Greylock to expand services addressing the needs of low to moderate income families. There are 808 certified CDFIs in the U.S., including loan funds, credit unions and community banks. Greylock is the only CDFI credit union in the state of Massachusetts.
Greylock President Marilyn L. Sperling said, “Providing financial services to people of modest means is at the heart of what it means to be a credit union. We are one of the last places in the region where a family can have a truly free checking account without a minimum balance requirement or monthly fee. The CDFI certification will help us expand our financial literacy outreach, increase our lending programs focused on lower income families, and help more families achieve greater financial stability.”
To receive this certification, financing organizations must have a primary mission of promoting community development and providing development services in conjunction with their financing activities. The benefits of CDFI 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.
Previously, GFCU received a Low Income Designation (LID) from the NCUA. This was based on analysis which showed that more than half of Greylock’s members live in areas designated as low income by federal standards. “Through these designations, federal agencies are providing credit unions with more tools to help meet the needs of families facing tough economic times,” Sperling said.
About Greylock
Greylock Membership is open to anyone who lives, works, attends school, worships or regularly conducts business in Berkshire County. Greylock Federal is wholly owned by its more than 70,000 members and offers full-service branches in Pittsfield, Great Barrington, Lee, Adams, North Adams, Williamstown and Lanesborough. More information is available online at www.greylock.org.
Greylock’s family of businesses includes:
- Greylock Insurance Agency with six locations county-wide, handles commercial and personal lines including auto, homeowner’s, life, disability, long-term care insurance, all forms of bonding, and 24/7 claims service.
- Greylock Investment Group with offices in Pittsfield offers access to a full array of services including financial planning, retirement planning, investment management, mutual funds, annuities and portfolio management.
- Greylock Marketing Group in Pittsfield is a full-service advertising agency dedicated to helping other credit unions, businesses and not-for-profit organizations meet their communications and marketing objectives.
- Greylock’s Employee Benefits Services offers comprehensive consultation and brokerage services for group medical, dental, life and disability insurance.