The Community Development Financial Institution Fund of the U.S. Treasury Department has recognized 13 Missouri credit unions as CDFIs, according to the consultancy which helped them file for certification.
They are.1st Financial Federal Credit Union; Alliance Credit Union; CU Community Credit Union; Electro Savings Credit Union; Joplin Metro Credit Union; Metro Credit Union; Missouri Central Credit Union; Poplar Bluff Federal Credit Union; Rolla Federal Credit Union; South Central Missouri Credit Union; Unite Burlington Credit Union; United Consumers Credit Union and United Credit Union.
The unusual mass recognition came was the fruit of an effort called Community Development Across Missouri, which was led by the consultancy CU Strategic Planning and supported by the Missouri Credit Union League.
CU Strategic Planning specializes in helping credit unions navigate CDFI programs. Becoming recognized as CDFIs enables the credit unions to apply for grants from the CDFI Fund, something the 13 have already done as part of their certification effort.
“Credit unions and cooperatives were pioneers in community development, even before the CDFI Fund existed, and that goes back to our history in Germany with the Rochdale Pioneers and their vision of economic justice for working people,” said CU Strategic Planning founder Jamie Chase.
“Proving community development is inherent to the credit union model, our company’s analysis of credit unions in Missouri revealed that 100 of the state’s 134 credit unions meet the Treasury’s eligibility requirements,” Chase said.
“Our research shows the same is true of credit unions in every state. In fact there are two more CDFI certifications pending in Missouri this year, and another 10 that will be submitted for approval in 2014,” the CU Strategic Planning founder said.