Community Development Financial Institution
What it means to be CDFI Certified
The US Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) has certified Financial Partners Credit Union (FPCU) as a Community Development Financial Institution (CDFI). CDFI certification means that Financial Partners meets the requirements of having a primary mission to provide financial services within underserved communities to meet the needs of economically disadvantaged individuals.
CDFI Overview
CDFI certification is a designation given by the CDFI Fund to specialized organizations that provide financial services in low-income communities and to people who lack access to financing. CDFIs invest in local communities and the residents who live there by providing critically needed financing often unavailable from mainstream financial institutions. CDFIs include regulated institutions such as community development banks and credit unions, and non-regulated institutions like loan and venture capital funds. By building the capacity of a nationwide network of CDFIs, the CDFI Fund works to empower low-income and underserved people and communities to enter the financial mainstream. Learn more through this article by NerdWallet.
Why is Financial Partners Excited?
As a CDFI, FPCU puts community first and values local, economic growth. To be eligible for certification as a CDFI, financial institutions must adhere to stringent requirements such as offering services for development, remaining accountable to their main target market, and striving to promote financial empowerment and development within their communities. CDFIs invest in local communities and the residents who live there by providing critically needed financing often unavailable from conventional financial institutions.
Financial Partners Credit Union is already active throughout California providing affordable products, free financial education, and direct monetary support to organizations that provide a range of economic and community development benefits. This designation allows Financial Partners to look for additional impactful programs that focus on reaching those disadvantaged and underserved populations who can directly benefit more from accessing Credit Union services.