ST. LOUIS, MO (September 17, 2013) -- History has recently been made with 13 Missouri credit unions being awarded Community Development Financial Institution Certification (CDFI) from the United States Treasury. This unprecedented, mass CDFI certification is part of the “Community Development Across Missouri” initiative created by leading credit union CDFI grant writing firm CU Strategic Planning for the Missouri Credit Union Association (MCUA). The project was funded by the largest grant in the history of the Missouri Credit Union Charitable Foundation. Its goals are to create economic opportunity for credit union members and their communities, along with enhancing the lending power of credit unions throughout Missouri.
All 13 credit unions received their CDFI certification via CU Strategic Planning expert services and are now eligible to submit a grant application annually requesting up to $2 million for loan loss reserves, capital reserves, and to create new products and services to support increased lending. Through the Community Development Across Missouri Program, corresponding CDFI grants were also submitted for approval. The loan loss reserves requested in those grant applications and the second wave of CDFI applications from Missouri in 2014 can unlock $200 million in loans to working class families in Missouri during the next three years – while creating 14,500 jobs.
Missouri CDFI certified credit unions include:
- 1st Financial Federal Credit Union
- Alliance Credit Union
- CU Community Credit Union
- Electro Savings Credit Union
- Joplin Metro Credit Union
- Metro Credit Union
- Missouri Central Credit Union
- Poplar Bluff Federal Credit Union
- Rolla Federal Credit Union
- South Central Missouri Credit Union
- Unite Burlington Credit Union
- United Consumers Credit Union
- United Credit Union
“The MCUA is proud of this groundbreaking program and what it can do for our credit unions, members, communities, the state’s economy and our broader credit union system,” states President/CEO Don Cohenour. “Our success with receiving the Treasury’s approval of these CDFI certifications validates CUNA’s educational efforts to all Americans and Congress that not-for-profit credit unions have always and continue to be of service to working class people of modest means.”
“We are excited to demonstrate what is possible for credit unions across America,” shares MCUA Board Chairman Brian Eyestone. “CDFI certification opens the door to grant funding, which supports our credit union efforts to increase services and loans to good, hard working members hit the hardest with layoffs and employment at reduced salaries during America’s economic recovery. Credit unions have always been about ‘People Helping People’. The CDFI certification allows Missouri’s credit unions an even greater ability to fulfill this mission.”
“Credit unions and cooperatives were pioneers in community development, even before the CDFI Fund existed, and that goes back to our history in Germany with the Rochdale Pioneers and their vision of economic justice for working people,” says CU Strategic Planning Founder Jamie Chase. “Proving community development is inherent to the credit union model, our company’s analysis of credit unions in Missouri revealed that 100 of the state’s 134 credit unions meet the Treasury’s eligibility requirements. Our research shows the same is true of credit unions in every state. In fact there are two more CDFI certifications pending in Missouri this year, and another 10 that will be submitted for approval in 2014.”
CU Strategic Planning President, Stacy Augustine, praised the visionary board and management team of both the MCUA and MCUF. “As a life long league employee before joining CU Strategic Planning, I recognize it is not easy for a credit union association to demonstrate the incredible leadership the MCUA showed with this groundbreaking program.”
She additionally shared her opinion that it appears to be paying off for the entire credit union system. “Already in the past few months new doors are opening for the credit union movement as a result of Community Development Across Missouri.”
Examples shared by Augustine include the Opportunity Finance Network’s (OFN) Annual Conference adding a track specifically for credit unions for the first time in the organization’s 30-year history. The conference size and scope is similar to CUNA’s GAC. OFN’s network of CDFIs have originated more than $30 billion during this time. Likewise, in 2013 the 100-year-old National Cooperative Business Association established a Community Development Initiative.
“This certification of 13 credit unions is a major step forward for the entire CDFI industry,” says Mark Pinsky, President and CEO of Opportunity Finance Network. “Missouri – and our nation – will benefit as more credit unions join the CDFI movement.”
About Missouri Credit Union Association
The Missouri Credit Union Association (MCUA) is the trade association for credit unions in the state of Missouri. MCUA strives to be the first source for information pertaining to credit union issues. Whether it's through one of our regularly scheduled newsletters or magazines, or by news feed on the front page of our website, it's our goal to keep Missouri credit union advocates informed and in touch. For more information, visit www.mcua.org.
About CU Strategic Planning
CU Strategic Planning is widely considered the #1 writer of credit union Community Development Financial Institution (CDFI) grant applications. No firm serving credit unions writes and wins more CDFI awards than CU Strategic Planning. Its “Miracle Makers” have 100 percent success with CDFI certification. For more details, visit www.creditunionstrategicplanning.com.