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CDFI Certification Special Credit Union Version Illinois Credit Union League SPARK Conference June 8, 2016 Office of Small Credit Union Initiatives.

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Presentation on theme: "CDFI Certification Special Credit Union Version Illinois Credit Union League SPARK Conference June 8, 2016 Office of Small Credit Union Initiatives."— Presentation transcript:

1 CDFI Certification Special Credit Union Version Illinois Credit Union League SPARK Conference June 8, 2016 Office of Small Credit Union Initiatives

2 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

3 CDFI-NCUA-Treasury Signing Event 3 Illinois Credit Union League June 8, 2016

4 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

5 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

6 CDFI Program Funding $1.5B in Financial and Technical Assistance awards since 1994 2015, 2014: > $160M to 152 CDFIs  21 CUs 2013: > $150 to 191 CDFIs  35 CUs 6 Illinois Credit Union League June 8, 2016

7 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

8 LID and CDFI LID supports two CDFI requirements: Primary Mission Target Market 8 Illinois Credit Union League June 8, 2016

9 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

10 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, 2016 10

11 Contact Information Office of Small Credit Union Initiatives www.ncua.gov partners@ncua.gov 703-518-6610 11 Illinois Credit Union League June 8, 2016


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