Next City, February 7, 2017: Credit Unions Get Streamlined Path to More Neighborhood Investment
“Under the agreement, the NCUA uses data it collects anyway as a regulator to identify credit unions that would be eligible for CDFI certification. The two top-level CDFI qualifications are 60 percent of lending targeted to low- to moderate-income households or communities, and some way of maintaining accountability to the target market. As member-owned and member-governed institutions, credit unions easily meet the accountability qualification, so it’s mostly about identifying which credit unions have a membership that meets the target market requirement. In the past year, NCUA identified around 500 credit unions that met the CDFI target market requirement and notified them of their preliminary CDFI certification.”