CUCOLLABORATE TO OFFER STREAMLINED CDFI CERTIFICATION PRE-QUALIFICATION
Move comes following NCUA’s decision to phase out its own streamlined application
WASHINGTON D.C. March 8, 2022: In light of the National Credit Union Administration (NCUA)’s announcement it was eliminating its streamlined application for Community Development Financial Institution (CDFI) certification, CUCollaborate has stepped in to fill the void.
The company 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.
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.
Attaining certification can lead to major benefits in the form of either Financial Assistance Awards or Technical Assistance Grants. In 2021, 1,395 such awards were given out by the CDFI Fund, totaling $1.4 billion altogether.
CUCollaborate is a consulting, software development, and digital marketing company whose mission is to help credit unions grow. The company primarily focuses on addressing credit union’s biggest obstacle to growth, field of membership.