The $73 million, 9,500-member Bridgeway Federal Credit Union in Poughkeepsie, N.Y., has beenrecognized as a community development financial institution by theCommunity Development Financial Institutions fund.

Becoming recognized as a CDFI by the Treasury Department programallows the credit union to compete for grants from the CDFI fund totrain its staff as financial counselors and to fund specificprograms and products such as micro-lending and predatory loanalternative products.

Bridgeport FCU's CEO, Michelle McCourt, said the credit union has a long history ofworking with financially underserved members and their communitiesand that going through the process to obtain CDFI recognition wouldenable Bridgeway to keep up this work.

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