Products, Programs and Progress: Are CDFIs the Future for Credit Unions?

On this episode, host Vince Passione is joined by Shirley Senn, Chief Consulting Officer at CU Strategic Planning, a Callahan company, for a deep-dive into the CDFI program: How it can strengthen credit unions, what's required to achieve and retain a CDFI designation, and how it ultimately benefits credit union members.Key Takeaways:(2:35) The criteria for CDFI designation - for credit unions, banks and VC funds.(5:52) Credit unions can use CDFI Financial Assistance grants to enhance reserves and increase lending processes.(11:35) New criteria and requirements for CDFI designation that every existing CDFI has to meet.(15:06) How and why CDFI credit unions continued to lend through the liquidity challenge of the last two years.(17:36) Ways to leverage CDFI grants to support programs like ITIN lending or financial counseling.(22:34) Overlooked opportunities for credit unions to expand their deposit-base.(24:58) CDFI credit unions need to look more broadly at partnership opportunities to deliver their mission.Resources Mentioned:CU Strategic Planningwww.custrategicplanning.comCallahanwww.callahan.comGuadalupe Credit Unionwww.guadalupecu.orgCommunity Development Financial Institutions (CDFI) Fundwww.cdfifund.govMilitary Annual Percentage Ratewww.consumerfinance.gov/consumer-tools/educator-tools/servicemembers/military-lending-act-mla/Thanks for listening to the 22 Minutes in Lending podcast. If you enjoyed this episode, please leave a 5-star review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation.#CreditUnions #Lending #CDFI #PeopleHelpingPeople

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