NCUA to eliminate streamlined application for CDFI certification

by Sam Griswold, CUCollaborate

The National Credit Union Administration (NCUA) revealed this week it will discontinue the streamlined Community Development Fund Institution (CDFI) application process that made up part of its NCUA-CDFI Certification Initiative.

Any credit union seeking to apply for the recognition must now use the standard application provided by the CDFI Fund.

According to an NCUA media contact, the decision comes as “the Treasury Department will be updating its CDFI certification application and reporting requirements.” In the message announcing the move, the NCUA still said it “encourages eligible credit unions to explore CDFI certification.”

What is CDFI Certification?

A CDFI Certification is a designation conferred by the Community Development Financial Institution (CDFI) Fund of the Department of the Treasury, which recognizes a financial institution as specialized in serving low-income communities and those without access to financing, provided it meets certain criteria.

 

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