For the first time, NCUA will make money available to low-income credit unions applying for Community Development Financial Institution status from Treasury's CDFI Fund. The approval process can be lengthy.
Just more than 2,000 credit unions may be eligible for funding.
The National Federation of Community Development Credit Unions has started to build a shared back-office platform for CDCUs.
BALTIMORE — A $250,000 grant from Citibank will help build a shared platform for CDCUs to use to offer new products and services.
Federation will sponsor session for current and potential low income designated credit unions.
As some credit unions around the country gear up to apply for grant money from the U.S. Treasury’s Community Development Financial Institutions Fund, there are indications that credit unions are gradually becoming more sophisticated about navigating the grant writing process.
When it comes to lower income and underserved consumers, the chief challenge facing some mainstream credit unions and banks may not be how to serve them competitively but whether to serve them at all.
At $1.1 billion, MECU is nation's second-largest communtiy development credit union after GECU in Texas.
PHILADELPHIA — “You know that line about ‘if you build it, they will come?’” asked Oscar Torrealva, branch manager at the $1.3 billion TruMark Financial Credit Union's branch in the financially strapped Eastern North Philadelphia.