Filling Void Created by NCUA, CUCollaborate Offering to Prequalify Any CU for CDFI Certification

WASHINGTON–In the wake of NCUA’s announcement it is eliminating its streamlined application for Community Development Financial Institution (CDFI) certification, CUCollaborate said it is stepping in to “fill the void.”

The company said it is now offering to pre-qualify any credit union for CDFI certification entirely for free, including reviewing and analyzing data, and consulting on any potential internal adjustments necessary in order to obtain the designation.

CDFI certification is conferred through the CDFI Fund of the Department of the Treasury, and recognizes institutions meeting certain criteria related to serving low-income communities and populations that lack equitable access to financing.

How to Apply

To apply for the recognition, organizations must submit an application directly to the Fund. “Through CUCollaborate’s approach, an institution can be certain beforehand they match all requirements for eligibility,” according to the company.

For info, go here.