Membership with the National Federation of Community Development Credit Unions.
The designation identifies its mission and commitment to serve low and moderate income consumers as well as underserved communities and marginalized populations. CDCUs can be found in rural areas, inner cities and on reservations. Some have community charters while others are occupational, faith-based or multiple-group. CDCUs also vary in size from some of the smallest to those with over $1 billion in assets. Regardless of their size, charter type or membership they serve, CDCUs are unified under one common goal - promoting financial inclusion.
Benefits of designation:
By becoming a CDCU, a credit union gains access to the Federation’s Capitalization Program which offers below market, long-term non-member deposits; secondary capital; risk sharing deposits; as well as to a wide range of services and programs offered by the Federation to assist credit unions serving these underserved markets. In addition, CDCUs are well known to the funding community and specifically recognized by the US Treasury Department’s CDFI Fund. Furthermore, Fannie Mae specifically recognizes CDCUs as “preferred lending institutions” for its special affordable housing loan goals.
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