On its YouTube channel, the NCUA posted a new five-part series of videos Friday that explains howcredit unions can become certified as a Community DevelopmentFinancial Institution (CDFI) to access new capital.
|“Our goal is to promote awareness of the benefits of the CDFIfund programs to credit unions that serve the underserved,” DianeRector, training manager for the NCUA's Office of Small CreditUnion Initiatives, said.
|The NCUA said CDFI certification has been the doorway to thelargest source of non-deposit capital for credit unions. Since itsfirst funding cycle in 1996, CDFI has distributed $159 million to159 credit unions, according to the NCUA.
|In the videos, staff members from the NCUA's Office of SmallCredit Union Initiatives and the Treasury Department's CDFI Funddiscuss subjects such as the seven criteria that must be met forcertification, and the process and benefits ofcertification.
|One video features success stories of three cooperatives: The$12 million Newrizons Federal Credit Union in Hoquiam, Wash., the$10 million Lighthouse Community Credit Union in Vancouver, Wash.,and the $94 million Point West Credit Union in Portland, Ore.
|The five-part series is titled “CDFI Fund Certification.” Eachvideo is less than 10 minutes long.
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