NCUA to Open Streamlined CDFI Application Round

Logo of the Community Development Financial Institutions program

Federally insured low-income credit unions seeking Community Development Financial Institution (CDFI) certification can apply to use the National Credit Union Administration's (NCUA) streamlined qualification process beginning Jan. 24, the agency announced this past week.

The Consolidated Appropriations Act of 2021 authorizes additional COVID-19 relief funding for community development financial institutions that predominantly serve minority communities. Approximately a third of this additional funding includes a set-aside for smaller financial institutions with less than $2 billion in assets.

NCUA’s program guide has instructions explaining the streamlined qualification process. The deadline for streamlined certification applications is April 3. Credit unions that do not qualify to use the streamlined process may still use the standard CDFI certification application.

To qualify for the streamlined process, low-income-designated credit unions submit loan originations to the NCUA by email to CURECDFI@ncua.gov and complete an online participation form.

The NCUA has more detailed information on its NCUA-CDFI Certification Initiative webpage, and the CDFI fund’s webpage has complete information about certification and its programs.

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