In this episode of "Shared Accounts With CU Times", the conversation heads to a literal church basement in Savannah, Ga., where FAB Church Federal Credit Union is quietly doing big things. Listeners hear the remarkable story of the nearly $400,000-asset credit union, as board chair Deloris Lovette joins the show from the basement where the credit union operates.
Lovette and guest Carrie Ostrem, assistant vice president of certification services at CU Strategic Planning, walk through FAB Church FCU’s journey to becoming one of the first credit unions approved under the new CDFI certification rules. The episode breaks down the step-by-step process, from application and conditional approval to navigating delays and uncertainty at the CDFI Fund, and what that certification means for small, community-rooted institutions.
The discussion also explores how CDFI resources can expand lending and community impact, what bipartisan support for the CDFI Fund signals for the industry, and advice for other small credit unions considering certification.
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