Credit Union Designations

Provided by: National Credit Union Administration (or occasionally, a state regulatory agency)

Requirements: To obtain the designation, a credit union must demonstrate that the majority - at least 50.01%- of its members, are low-income as defined in Section 701.34 of the NCUA Rules and Regulations (earn 80% or less than the median family income for the metropolitan area where they live or national metropolitan area, whichever is greater). 

Benefits of designation: This designation gives a credit union certain special powers, such as the right to accept non-member deposits and secondary capital. Low-Income Designated CUs are also exempted from the cap limiting member business loans to 12.25% of their portfolio. Furthermore, these credit unions have access to NCUA’s Community Development Revolving Loan Program, which provides non-member deposits and Technical Assistance grants.

More information: Read The League's ii release.

Provided by: US Treasury Department’s CDFI Fund.

Requirements: To obtain the CDFI Certification, credit unions must:

1. Have a primary mission of promoting community development by providing activities directed towards improving the social or economic conditions of low income markets and
2. Demonstrate that at least 60% of their financial services activities are directed to low income consumers and underserved populations. 

Benefits of certification: This certification makes credit unions eligible to participate in and/or to receive financial assistance and technical assistance awards, as well as to receive deposits from institutions participating in the Bank Enterprise Award Program. Because of their expanded outreach, CDFIs have experienced tremendous loan growth.

More information: Read The League's ii release. Visit the CDFI Fund’s website. Also watch NCUA's video series or webinar on how to become certified.

Provided by: Membership with the National Federation of Community Development Credit Unions.

Requirements: 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.

More information: Visit Inclusiv's website. 

Provided By: Inclusiv 

About: Juntos Avanzamos (“Together We Advance”) is a designation for credit unions committed to serving and empowering Hispanic and immigrant consumers – helping them navigate the U.S. financial system and providing safe, affordable and relevant financial services. Juntos Avanzamos credit unions employ bilingual, culturally-competent staff and leadership, accept alternative forms of ID and treat all of their members with respect, regardless of immigration status. Inclusiv is leading the national expansion of Juntos Avanzamos, in partnership with the Network of Latino Credit Unions and Professionals (NLCUP); Coopera, Iowa-based consultants to the credit union industry on the Hispanic market; Cornerstone Credit Union League, and a growing number of state leagues and associations across the country. First developed by the Cornerstone Credit Union League as a Hispanic outreach program in Texas, the number of Juntos Avanzamos credit unions is expanding rapidly; today the network includes 123 credit unions in 27 states, Puerto Rico and the District of Columbia.

More information: Vist Inclusiv's webiste.