The financial condition of community development credit unions that received funding from the Troubled Asset Relief Program has improved since 2011, the Government Accountability Office reported this week.
The 31 credit unions that remained in the program as of March 31 experienced financial improvements between 2011 and 2015, according to the GAO, however, the agency also said one key performance indicator—return on average assets—had weakened since December 2014.
Created in 2010, the Community Development Financial Institutions Fund was intended to mitigate the adverse impact of the financial crisis on communities underserved by traditional banks. To qualify, a bank or credit union must be certified as a CDFI by the Treasury Department and be declared in good financial condition by its regulator.
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