Orange County’s Credit Union, a $2 billion credit union based in Santa Ana, Calif., will be able to make an even more meaningful impact on its field of membership now that it has been certified as a Community Development Financial Institution by the Treasury Department. CU Strategic Planning, which recently announced its clients earned nearly half of all the CDFI grants awarded to credit unions this year, guided Orange County’s CU along this journey.
“We are honored to have received CDFI certification,” said Shruti Miyashiro, CEO of Orange County’s Credit Union. “As a CDFI, we will be able to significantly expand our commitment of providing fair, affordable and accessible services that address challenges faced by low-income families and communities.”
In total, 61% of Orange County’s CU’s membership qualifies as being at least low-income. More than half, 55%, are considered very low income, while 21% are extremely low-income, based upon sample testing of the credit union’s loans performed to submit with the certification application.
“We are very excited to see what Orange County’s Credit Union will achieve with their new CDFI certification!” CU Strategic Planning Director of Certification Carrie Ostrem commented. “The team there was amazing to work with and truly believed with a passion in their community development goals. CU Strategic Planning loves working with our credit union clients to help them unlock the potential in their communities.”
“CU Strategic Planning have been valued advisers throughout the entire certification process,” Amber Cisneros, Chief Member Experience Officer for Orange County’s Credit Union, said. “We appreciate the collaboration and guidance they’ve provided to ensure we could receive CDFI certification.” The credit union plans to apply for grant funding in 2021 to continue assisting local communities.