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Federation Roundtable Shows Benefits Of CDFI Certification

WASHINGTON (2/27/13)--More than 42% of current Community Development Fund Institution (CDFI)-certified credit unions must resubmit their recertification applications by April 1, announced the National Federation of Community Development Credit Unions Monday at its CDFI Roundtable.

The roundtable was held in conjunction with the Credit Union National Association's Governmental Affairs Conference in Washington, D.C.  The federation's event addressed the benefits and process of becoming a certified CDFI and explored new programs, long-term investment prospects from the fund, and opportunities to shape the fund's agenda moving forward.

Ninety-four of the 221 current CDFI credit unions will need to submit the applications, said the federation. The federation has provided a list of credit unions that must resubmit on its website. Use the link.

Jodie Harris, senior advisor to the director of the CDFI Fund, told the group that with the tremendous growth in the number of low-income designated credit unions, the CDFI Fund anticipates the number of CDFI-certified credit unions to "go up immensely."

She commented on the fund's coordination with the federation to streamline the certification process for eligible credit unions. Harris also spotlighted CDFI Fund's grant programs and noted the "large increase in the number of credit unions receiving grants" in recent years.

Regarding streamlining the CDFI Fund's certification process, Pablo DeFilippi, the federation's  director of membership, said, "We've made tremendous progress in this front with the acceptance of our random methodology to demonstrate target market eligibility," adding "we are very pleased with their recognition of the unique governance structure of credit unions that makes them directly accountable to their target market."

Federation President/CEO Cathie Mahon noted the work the organization has done to ensure that essential financial services  that credit unions provide to low-income communities are recognized by the fund in its certification and grant-making process.

Credit unions attending also heard from several credit unions about assistance they received from the federation's CU Breakthrough consulting services in obtaining certification and grant support and about how they are using their CDFI Fund grants.

CUNA's GAC ends Thursday in Washington, D.C.

Click to view larger image The National Federation of Community Development Credit Unions has worked closely with the CDFI Fund to streamline its application process, said Pablo DeFilippi, the federation's  director of membership, at the federation's CDFI Roundtable held Monday in conjunction with the Credit Union National Association's Governmental Affairs Conference in Washington, D.C.  (Photo provided by the National Federation of Community Development Credit Unions)
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