Low-income credit unions in Florida, Puerto Rico, Texas, and the U.S. Virgin Islands, hit hard by recent hurricanes, are eligible to use a streamlined certification process to qualify as Community Development Financial Institutions, the NCUA announced Friday.
"CDFI certification can open the door to financial and technical support that helps qualified low-income credit unions provide more resources locally, particularly when the need is acute, as it is in areas devastated by the hurricanes last fall," said NCUA Chairman J. Mark McWatters.
The deadline for submitting information during this special round is 3 p.m. Eastern time on February 16. Credit unions that qualify for the streamlined certification will be notified by March 30.
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