NCUA's Streamlined CDFI Application Qualifying Round
Opens Sunday, September 12
Streamlined Window Closes October 15
The next round of the National Credit Union Administration's (NCUA) streamlined CDFI qualification and application process for low-income designated credit unions interested in obtaining certification is begins Sunday, September 12 and ends on October 15.
The streamlined process is designed to expand access In low-income and financially underserved communities and individuals. Do not miss out on this opportunity to enhance your credit union's capacity to better serve members through a variety of awards and programs.
To participate in the qualification process, a credit union must meet ALL of the following requirements:
- Is federally insured through the NCUA;
- Has a low-income designation granted by the NCUA or a similar state designation confirmed by the NCUA; and
- Provides at least one of the following programs and services to its members:
- Financial counseling or education,
- Financial literacy workshops,
- In-school branches, or
- A first-time homebuyer program.
To qualify, credit unions must register in the NCUA’s CyberGrants system and complete an online Participation Form. To determine qualification, the NCUA’s Office of Credit Union Resources and Expansion will review each credit union’s products, services, and other indicators.
To reduce applicant burden, the NCUA performs an initial analysis determining whether your credit union is a strong candidate for the streamlined process. Your credit union must provide a defined set of loan information for analysis to determine if the qualification criteria are met. Qualified credit unions will then be provided with the necessary information to complete and submit the application to the CDFI Fund. For a detailed overview of the qualification process, visit the NCUA website.
Credit unions that do not qualify to use the streamlined certification application should explore using the standard application or participate in the qualification process intake period during the next calendar year.
Inclusiv is here to help. We’re working with CUNA Mutual Group and a growing number of credit union leagues and associations to increase awareness about the CDFI certification and help credit unions navigate the process. Please visit our CDFI resource page and/or join our CDFI office hours every Wednesday. You can also find some helpful video tutorials on the Streamlined Application in the Inclusiv video library.