The National Federation of Community Development Credit Unions, CUNA Mutual Group and the California and Nevada Credit Union Leagues have announced a joint effort to increase the number of Community Development Financial Institution (CDFI) certified credit unions in California. Interested credit unions can register for informational roundtables that will outline the benefits of CDFI certification and the application process to be held on December 8, 2015 in Ontario, CA and on December 10, 2015 in Oakland, CA.
Click here or go to http://events.constantcontact.com/register/event?llr=ktshzucab&oeidk=a07ebjhzpqt9eb55035 to register for the December 8th roundtable in Ontario.
Click here or go to http://events.constantcontact.com/register/event?llr=ktshzucab&oeidk=a07ebji12awbf18be28 to register for the December 10th roundtable in Oakland.
Green pins indicate CDFI credit unions/branches; yellow pins indicate credit unions/branches with high potential for CDFI certification
From the CDFI's inception in 1994, over $168 million has been awarded to California CDFIs, but California credit unions have only received $14 million, or less than 10% or the dollars awarded. There are 60 low-income credit unions in the state of California. The first step in increasing the number of CDFI awards to California credit unions is to increase the number of credit unions that are CDFI certified, as only certified credit unions are eligible to receive funding. The Federation's CU Breakthrough consulting group and CUNA Mutual Group will sponsor up to 30 credit unions in the application process. Credit unions should note that low-income designation is not a requirement for CDFI certification. All California credit unions interested in serving low-income consumers are invited to attend the October roundtables.
California credit unions are encouraged to contact Pablo DeFilippi at CUBreakthrough@inclusiv.org to learn more about CDFI certification and the Federation/CUNA Mutual Group grants. Grants will be awarded based on asset size, need and community development profile. The certification process takes approximately six weeks and involves a seven step verification process including target market, legal entity, primary mission, financing entity, accountability, development services and non-government entity.