Agency Reminds Credit Unions to be Aware of Changes to Certification Rules
ALEXANDRIA, Va. (Oct. 7, 2019) – The National Credit Union Administration has extended the deadline for federally insured, low-income credit unions that want to become certified Community Development Financial Institutions to apply for qualification to use the agency’s streamlined CDFI certification process.
The deadline is now Nov. 30.
This will be the final opportunity to take advantage of the streamlined certification process in 2019.
Credit unions need to be aware the U.S. Treasury Department has announced important changes to the Community Development Financial Institution and the Native American CDFI Assistance programs (opens new window). Beginning with the FY2020 application round, credit unions must be certified as CDFIs no later than the date the Notice of Funds is published in the Federal Register.
The agency’s Office of Credit Union Resources and Expansion hosts a resource page with details about CDFI certification and the streamlined process. The agency’s application guide (opens new window) has the necessary instructions for the qualification process. The Community Development Financial Institutions Fund’s webpage (opens new window) offers information about the benefits of CDFI certification.
Developed by the NCUA and the CDFI Fund, the streamlined application process has helped 50 credit unions obtain certification as community development financial institutions.