NCUA opens first CDFI qualification round

The NCUA has announced federally insured, low-income credit unions interested in becoming certified community development financial institutions may be eligible to use the regulator’s streamlined application process which runs from March 19 to April 6, 2018. Low-income credit unions can submit data on loan originations to the NCUA's Office of Credit Union Resources and Expansion, which will analyze each credit union's products and services and other indicators to determine its likelihood for certification. If the credit union is qualified to use the streamlined process, the NCUA will provide an application form and the data necessary to complete it. The credit union then completes the application and submits it to the CDFI Fund, which makes the final determination on the certification.