Montgomery County Employees Federal Credit Union earns CDFI designation from the U.S. Treasury Department
GERMANTOWN, MD (July 12, 2018) — Montgomery County Employees Federal Credit Union (MC EFCU) of Germantown, Md., has earned the Community Development Financial Institution (CDFI) designation from the U.S. Treasury Department.
MC EFCU, which primarily serves Montgomery County government employees, along with members from a variety of other local businesses, has been working to earn the CDFI designation over the past few months. CDFI designated financial institutions are mission-driven financial institutions that are dedicated to providing financial services to meet the needs of economically disadvantaged individuals in underserved communities.
CDFIs are certified by the U.S. Department of the Treasury. In order to earn the CDFI designation, a financial institution must show a primary mission of supporting community development, providing financial products and services, and serving one or more defined low-income target markets.
“The entire team at MC EFCU has been working hard to achieve this designation over the past few months,” said Jim Norris, CEO of MC EFCU. “We could not be happier in receiving this designation. We are looking forward to continuing to serve our communities with the high-quality financial products our members know us for.”
MC EFCU’s first step in obtaining the CDFI designation began with the location selection and opening of the Silver Spring branch. “The Silver Spring community presents an incredible opportunity for the credit union to expand our community development efforts,” said Jorge Saenz, Chief Development Officer at MC EFCU. “The CDFI designation will help us with those efforts in the Silver Spring area.”
As part of the application process to become a designated Community Development Financial Institution, MC EFCU was asked to submit a detailed plan that shows how they serve economically disadvantaged communities. MC EFCU will begin execution of their CDFI plan in the coming months.
For more information about MC EFCU, visit www.mcefcu.org.
About SkyPoint Federal Credit Union
A community-based, not-for-profit, financial institution, based in Montgomery County, Maryland, SkyPoint serves the greater Washington D.C. metro region and those who want to partner with a financial institution who makes banking simple and accessible. A designated Community Development Financial Institution (CDFI) credit union, SkyPoint helps our members, partners, and the communities we serve, gain access to the investment capital and financial services needed to prosper, increase economic independence, and drive overall sustainable economic growth and community development. For over 50 years, SkyPoint has served as a strategic and reliable partner to both public and private organizations that directly support underserved and unbanked communities, who want to work together to elevate the community and one another. To learn more about SkyPoint, visit www.skypointfcu.com.
