Montgomery County Employees Federal Credit Union (MC EFCU) of Germantown, Md., has earned the Community Development Financial Institution (CDFI) certification 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 certification over the past few months. CDFI certified 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 US Department of the Treasury. In order to earn the CDFI certification, a financial institution must show a primary mission of supporting community development, provide financial products
and services, and serve one or more defined low-income target markets.
“The entire team at MC EFCU has been working hard to achieve this certification over the past few months,”
said Jim Norris, CEO of MC EFCU. “We could not be happier to become CDFI certified. We are looking forward
to continuing to serve our communities with the high-quality financial products our members know us for.”
One of the key milestones in obtaining CDFI certification for MC EFCU was 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 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.