Almost 20% of CDFIs Are Now CUs or CUSOs
The U.S. Treasury Department's Community Development Financial Institutions Fund has recognized five more credit unions and one CUSO as CDFIs.
This makes the organizations eligible for grants from the Funds and raises the percentage of CDFIs that credit unions or CUSOs to almost 20%, according to the National Federation of Community Development Credit Unions.
"The CDFI Fund has become the game in town in terms of growth capital to credit unions," explained National Federation CEO Cliff Rosenthal. "CDFI Fund awards allow CDCUs to grow and expand into new communities, as well as to implement high-impact programs that meet the financial needs of underserved communities in a way that builds wealth rather than strips it. Nearly all our member CDCUs qualify for the designation, consequently we have been focusing our efforts to get more of them certified," he added.
The new CDCU and CUSO CDFIs are B.O.N.D. Community Development FCU (Atlanta, GA); Bradley Initiative CU (Cleveland, TN); El Paso Credit Union Affordable Housing, LLC (El Paso, TX); Friendship Community FCU (Clarksdale, MS); Monroe Education Employees FCU (Monroeville, AL) and Valued Members CU (Jackson, MS).