Title: Benefits and Process of Becoming a CDFI
2020 has exposed the ugly truth of a financial system that doesn't work for everyone. More than ever, mission driven credit unions play a critical role providing asset building opportunities and helping strengthen rural and minority communities that have been disproportionally impacted by the pandemic and economic slowdown. Over the last 20 years, a number of tools have become available to credit unions serving financially underserved populations. NCUA's low income designation provides a valuable regulatory framework that allows among other benefits, raise secondary capital to help them grow and manage risk; the Minority Depository designation, also given by NCUA will become increasingly important as the nation attempts to address systemic racism. The CDFI Certification provided by the US Treasury Department is another valuable building block that provides access to funding opportunities. In fact, the CDFI Fund has become the single most important source of external funding for credit unions. Since its inception 25 years ago, it has provided over $400 million in technical and financial assistance grants. Together, these credentials provide a formidable set of tools that can be effectively leveraged to amplify your credit union impact on your community and do well by doing good.
Hosted by: Hawaii Credit Union League
Speaker: Pablo DeFilippi & Terry Ratigan