Campus Federal is working to make a difference in the lives of our members, consumers, business owners and the communities we serve. Given our low-income designation, we can continue to build upon our foundation of financial education and assistance to those in need.< /p>
The U.S. Treasury Department’s Community Development Financial Institutions Fund recently certified Campus Federal as a Community Development Financial Institution (CDFI). This designation is available only to organizations that have proven they provide financial services and products in communities that historically have lacked access to traditional banking services. CDFI Certification is granted with the purpose of generating economic growth and opportunity in some of our nation's most distressed communities.
“The CDFI Fund will allow us to expand our community outreach plans and programs to generate economic growth and opportunity in low-income and underserved areas,” Jane Verret, President and CEO of Campus Federal Credit Union, stated.
The CDFI Fund was established in 1994 to boost lending and community development through certified CDFI lenders, allowing them to expand their reach into economically distressed areas and underserved communities. CDFI Certification opens opportunities for institutions to access CDFI Fund grants, which must be used to support financially vulnerable residents and communities.
Campus Federal received assistance in their CDFI application from CU Strategic Planning, the largest credit union consultancy focused on CDFI certification and grant fund applications, as well as strategic planning, financial empowerment and Diversity, Equity and Inclusion initiatives. “We’re incredibly proud of the work our client credit unions do to unlock opportunities within their communities and make a measurable difference in people’s lives,” Stacy Augustine, CEO and owner of CU Strategic Planning, stated. “CDFI certification validates that these credit unions are already doing the resource-intensive work of serving underserved communities. Most credit unions are already doing the work of CDFIs, and we encourage more credit unions to explore certification to expand their influence and serve even more people living in banking deserts and hard-working yet economically disadvantaged people.”