The Power of Low Income Designation

The Massachusetts Credit Union League, the New Hampshire Credit Union League and the Credit Union Association of Rhode Island hosted the Federation to speak with League members on the benefits of Low Income Designation, CDFI Certification and serving low- and moderate-income consumers in their communities. The comprehensive program included presentations on the benefits of the US Treasury’s low-income designation by representatives from the Federation and the Massachusetts Division of Banks; how partnerships between credit unions and community organizations can facilitate the delivery of safe, affordable financial services; and how CDFI certification can help credit unions access capital to grow in membership, loans and deposits. Illustrations of effective national and local partnerships were provided by Federation partner, NeighborWorks, with examples of local initiatives by NeighborWorks Southern Massachusetts and NeighborWorks Blackstone River Valley in Rhode Island. The President/CEO of Federation member Opportunities Credit Union of Winooski, Vermont outlined how low-income designation and CDFI grants are providing tools and capital for Opportunities to meet the needs of low-income members throughout Vermont.

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Participants, presenters and League representatives at the July 2014 meeting at MA League headquarters in Marlborough

Presenters included:

  • Eileen Anderson, NeighborWorks America Senior Relationship Manager, Homeownership, Northeast Region
  • Andrea L. Cipolla, Chief Director of Credit Union Supervision, MA Division of Banks
  • Robert Corley, Executive Director, NeighborWorks Southern Mass
  • Pablo DeFilippi, VP of Membership and Business Development, Federation
  • Cheryl Fatnassi, President/CEO, Opportunities Credit Union
  • Joseph Garlick, Executive Director, NeighborWorks Blackstone River Valley
  • Ann Solomon, Strategic Initiatives Manager, Federation

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