CDFI Certification Special Credit Union Version Illinois Credit Union League SPARK Conference June 8, 2016 Office of Small Credit Union Initiatives
Talking Points CDFI-NCUA-Treasury Campaign Benefits of Being a CDFI More Than One Way to Get There – Special Credit Union Version – Traditional Version Upcoming Events 2 Illinois Credit Union League June 8, 2016
CDFI-NCUA-Treasury Signing Event 3 Illinois Credit Union League June 8, 2016
CDFI-NCUA-Treasury Campaign Double number of credit union CDFIs by year-end – 265 new credit union CDFIs Streamline certification process – Leverage data NCUA routinely collects from credit unions – Provide the Fund consistent, accurate data 4 Illinois Credit Union League June 8, 2016
Benefits of Being a CDFI Apply CDFI Program Native Initiatives Capital Magnet Fund Access Bank Enterprise Award Program CDFI Bond Guarantee Program Training Capacity Building Initiative 5 Illinois Credit Union League June 8, 2016
CDFI Program Funding $1.5B in Financial and Technical Assistance awards since , 2014: > $160M to 152 CDFIs 21 CUs 2013: > $150 to 191 CDFIs 35 CUs 6 Illinois Credit Union League June 8, 2016
Credit Unions as CDFIs Credit unions meet several CDFI requirements: Legal entity Financing entity Generally – Non-government entity – Development services – Accountability 7 Illinois Credit Union League June 8, 2016
LID and CDFI LID supports two CDFI requirements: Primary Mission Target Market 8 Illinois Credit Union League June 8, 2016
Special Credit Union or Traditional Application Special Credit Union Application Federally insured ? Low-Income Designated? Investment Area Target Market? 9 Illinois Credit Union League June 8, 2016
Upcoming Events June 23: CDFI Certification webinar Register on NCUA website, OSCUI Training section June 30: 2016 Grant round closes SAM.gov registration required Streamlined application guidance NCUA website, Grants and Loans section Illinois Credit Union League - June 8,
Contact Information Office of Small Credit Union Initiatives Illinois Credit Union League June 8, 2016