CDFI, LID, and MDI: What’s the Difference?
The credit union world is chock full of acronyms. CUSO Magazine’s Esteban Camargo looks at community development financial institutions (CDFIs), low-income credit unions (LICUs), and minority depository institutions (MDIs); what they mean and the benefits each provide.
GAO Says CDFIs Need Help, NCUA Making $3.4 Million Available to Low-Income-Designated Credit Unions Through CDRLF Grants
The Government Accountability Office recently published a study suggesting CDFIs and MDIs need more help acquiring and implementing technology to help low- and moderate-income communities; meanwhile the NCUA is opening its CDRLF grant program for 2024 to assist low-income-designated credit unions. CUSO Magazine’s Esteban Camargo reports.
What Can Be Done About the Drought of New Credit Union Charters?
The credit union industry was founded based on need; those unable to secure financial services turning to their communities for help. Chip Filson argues that this founding nature is slipping away but can still return to its roots.
Joint Statement from CUNA, NAFCU Responds to CDFI Fund Community Development Advisory Board Recommendations
Credit union association leaders from the Credit Union National Association (CUNA) and National Association of Federally-Insured Credit Unions (NAFCU) issued a joint statement in response to the Community Development Financial Institution (CDFI) Fund’s Community Development Advisory Board’s Final and Approved CDFI Certification Recommendations adopted on July 31.
Once Again, Advocates Push Marijuana Banking Bill
The House has passed legislation seven times giving financial institutions a regulatory safe harbor if they provide services to marijuana-related businesses, but each time, the measure has died in the Senate, reports David Baumann. Eighth time’s the charm?
Casebine Community Credit Union Earns Community Development Certification to Better Serve Southeast Iowa and West Central Illinois
The U.S. Treasury Department’s Community Development Financial Institutions Fund recently certified Casebine Community Credit Union as a Community Development Financial Institution (CDFI).
Senators Concerned CDFI Fund May Be Circumventing Regulatory Process
The leaders of the Senate Community Development Finance Caucus are questioning whether CDFI Fund officials are short-circuiting the regulatory process as they consider major changes to the program, reports David Baumann of CUCollaborate.
Applications for CDFI Fund Suspended Between Oct. 1 and April 3
The Community Development Financial Institutions (CDFI) Fund recently announced that as it prepares for upcoming changes to its application process it will be suspending new applications and Target Market Modifications between October 1, 2022 and April 3, 2023, reports Esteban Camargo.
House Dem Credit Union Bill Has Bankers, CUs Fired Up
As the House Financial Services Committee prepares to consider legislation that would allow all federal credit unions to add underserved areas to their fields of membership, the war of words between banks and credit unions has ratcheted up once again, reports David Baumann of the Washington Credit Union Daily.
Funding Deal: $295 Million for CDFI; Easier Ouster of CU Members
House and Senate appropriators have reached agreement on an FY22 government funding package that would provide a $25 million boost for the Community Development Financial Institution program and make it easier for credit unions to expel members, reports David Baumann of the Washington Credit Union Daily.
- 1
- 2
