The Federation and Suncoast Credit Union Join Forces
to Increase CDFI Certification Among Florida Credit Unions
FOR IMMEDIATE RELEASE
New York, NY – (March 10, 2015) – The National Federation of Community Development Credit Unions and Suncoast Credit Union announced a joint effort to increase the number of CDFI certified credit unions in Florida at the Governmental Affairs Conference in Washington, DC yesterday. Suncoast Credit Union, a Federation member, will provide the funding to assist as many as 10 credit unions to become certified through the Federation’s CU Breakthrough consulting group.
The US Treasury Department’s Community Development Financial Institutions (CDFI) Fund provides Technical Assistance and Financial Assistance grants to certified, community-focused credit unions and other financial institutions. Since its inception in 1974, a total of $2 billion in grants has been awarded to CDFIs to promote the delivery of financial services to some of the nation’s most impoverished communities. Suncoast Credit Union was certified and became a CDFI in May 2014 with the assistance of the Federation, a CDFI Intermediary.
“Federation research has established that CDFI certified credit unions make efficient, effective use of CDFI grants, helping thousands of low-income, minority and under-banked individuals along a path toward greater financial security. CU Breakthrough’s 2014 certification campaign resulted in the certification of an unprecedented number of credit unions. We are delighted that Suncoast Credit Union is joining us in our continuing campaign to increase the number of certified CDFI credit unions,” says Federation President and CEO, Cathie Mahon.
Tom Dorety, Suncoast President and CEO, adds, “We are pleased to support this effort that in the end will help provide financial literacy to communities that are un-served or underserved by traditional financial institutions. The greatest service we can offer is to teach our communities about the freedom of well managed personal finances.”
Florida credit unions with assets of less than $100 million with an interest in serving low- and moderate-income consumers in their communities are encouraged to contact Pablo DeFilippi at CUBreakthrough@cdcu.coop to learn more about CDFI certification and the Suncoast Credit Union grants. The certification process takes approximately six weeks and involves a seven step verification process including target market, legal entity, primary mission, financing entity, accountability, development services and non-government entity.
About Suncoast Credit Union
Suncoast Credit Union is the largest credit union in the state of Florida, the ninth largest in the United States based on membership and the fourteenth largest in the United States based on its $6.1 billion in assets. Chartered in 1934 as Hillsborough County Teachers Credit Union, Suncoast Credit Union currently operates 58 full-service branches and serves more than 641,000 members in the following Florida counties: Charlotte, Citrus, Collier, DeSoto, Glades, Hardee, Hendry, Hernando, Highlands, Hillsborough, Lee, Levy, Manatee, Pasco, Pinellas, Sarasota and Sumter. For more information visit: suncoastcreditunion.com, facebook.com/SuncoastCreditUnion or @SuncoastCU.
About the Federation
The National Federation of Community Development Credit Unions is a certified CDFI Intermediary representing community development credit unions (CDCUs). The Federation’s member CDCUs provide credit, savings, transaction services and financial education to more than 4 million residents of low-income urban, rural and reservation-based communities across the US, and hold over $32 billion in community-controlled assets. Founded in 1974, the Federation is headquartered in Lower Manhattan with offices in Madison, WI. We offer a wide range of advocacy, educational, training, investment, marketing, and outreach programs to support and assist CDCUs. For more information about the Federation and its programs, please visit cdcu.coop. For more information on the performance of CDFI Credit Unions see CDFI Certification: A Building Block for Credit Union Growth, a white paper prepared by the Federation for CUNA, the Credit Union National Association.
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