FOR IMMEDIATE RELEASE
New York, NY – (March 11, 2014) – Suncoast Credit Union announces a low-income designation from the National Credit Union Administration (NCUA). To receive this designation, more than half of credit union members must qualify as low-income members, earning a family income 80 percent or less than the median family income for the area where they live.
The designation allows Suncoast Credit Union to better serve the under-banked population, low and moderate-income consumers, promote financial inclusion and join the National Federation of Community Development Credit Unions (Federation). Additionally, Suncoast Credit Union has the option to accept deposits from non-members, offer secondary capital accounts and receive exemption from the aggregate limit on member business lending.
Suncoast Credit Union has the ability to apply for grants and loans from the NCUA and other federal agencies and apply to be a Community Development Financial Institution (CDFI) by the U.S. Treasury Department.
“With our recent state charter conversion, one of our goals was to open membership and better serve the credit union’s lower income members,” says Tom Dorety, president and CEO of Suncoast Credit Union. “This designation will help us achieve that goal, as we’ll be able to apply for grants to help finance affordable housing and work with migrant laborers.”
“The Federation welcomes Suncoast Credit Union to our network of community development credit unions. Low income designation and CDFI certification are the building blocks for sustainable growth in communities in Florida and throughout the US,” says Cathie Mahon, president and CEO of National Federation of Community Development Credit Unions.
As a member of the Federation, Suncoast Credit Union will work with the Federation’s consulting group, CU Breakthrough, on CDFI certification. The certification process will take approximately four to six weeks and involves a seven-step verification including target market, legal entity, primary mission, financing entity, accountability, development services and non-government entity.
About Suncoast Credit Union
Suncoast Credit Union, chartered in 1934 as Hillsborough County Teachers Credit Union, operates 54 full-service branches and serves more than 570,000 members in the following Florida counties: Charlotte, Citrus, Collier, DeSoto, Glades, Hardee, Hendry, Hernando, Highlands, Hillsborough, Lee, Levy, Manatee, Pasco, Pinellas, Sarasota and Sumter. With assets of more than $5.5 billion, Suncoast Credit Union is the largest credit union in the state of Florida and the 14th largest in the United States. For more information visit: suncoastcreditunion.com, facebook.com/SuncoastCreditUnion or @SuncoastCU.
About the Federation
About the Federation: The National Federation of Community Development Credit Unions is a certified CDFI Intermediary representing more than 200 community development credit unions (CDCUs). The Federation’s member CDCUs provide credit, savings, transaction services and financial education to more than 2.5 million residents of low-income urban, rural and reservation-based communities across the US, and hold over $19 billion in community-controlled assets. Founded in 1974, the Federation is headquartered in Lower Manhattan with offices in Madison, WI. The Federation offers 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.
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