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Five key findings on Community Development FI certification presented in new CUNA white paper

MADISON, WI (May 20, 2014) — CUNA’s Community Credit Union Committee, with contributions from the National Federation of Community Development Credit Unions (Federation), has released a white paper assessing the current status and potential impact of Community Development Financial Institution (CDFI) certification on credit unions and the communities they serve. The white paper, entitled CDFI Certification: A Building Block for Credit Union Growth, can be accessed at cuna.org/community-initiatives.

“This white paper shares some eye-opening conclusions,” said Todd Spiczenski, Senior Vice President – Association Services, CUNA. “Thanks to contributions from the Community Credit Union Committee and the Federation, we have key insights into the CDFI certification’s role in unlocking credit union growth opportunities in low-income and underserved markets.”

This paper compares CDFI certified credit unions with peer groups of low-income designated and mainstream credit unions and identifies important similarities and differences. Using data from the CDFI Fund and NCUA call reports for the fiscal years 2009 and 2013, the Federation analyzed the institutional performance and community development profile of 173 credit unions that were CDFI certified as of December 31, 2013, including four identified as “best practice CDFI credit unions.”

That analysis leads the Federation to five key findings:

  1. CDFI credit unions thrive in tough markets
  2. CDFI credit unions maximize leverage of external resources
  3. CDFI credit unions are leaders in technology and innovative member services
  4. CDFI credit unions represent a viable business model for community development finance
  5. CDFI certification is within reach for thousands of credit unions

 

For more information and to access the white paper, visit cuna.org/community-initiatives.

About CUNA:

With its network of affiliated state credit union leagues, Credit Union National Association (CUNA) serves America’s credit unions, which are owned by nearly 100 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information about CUNA, visit www.cuna.org or follow @CUNA on Twitter. For more information about credit unions, visit www.aSmarterChoice.org and follow @asmarterchoice on Twitter. Visit the CUNA Press Room for a full listing of media mentions, press releases and resources to stay informed on current events within the credit union industry.

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