GFA Federal Credit Union’s Post

The Emergency Capital Investment Program (ECIP) was created by the Consolidated Appropriations Act, 2021 to support eligible mission-driven lenders to financially underserved borrowers and communities. The US Treasury Department made ECIP investments in federally insured banks, savings and loan associations, holding companies, and credit unions that are certified as Community Development Financial Institutions (CDFIs) or designated as minority depository institutions (MDIs) by their federal regulator. Two years later, we're seeing the impact of our credit unions' efforts to assist our most vulnerable populations! CU Strategic Planning's credit unions have collectively originated $1.4B in Deep Impact lending, averaging $67M per CU. Treasury defined Deep Impact lending as serving low-income borrowers, persistent poverty counties, native communities, underserved businesses, deeply affordable housing and other relevant activities. That’s more than double the average of other ECIP-recipient credit unions! This achievement underscores the profound influence and commitment of our credit unions and our team toward serving underserved communities! #CDFIs #creditunions #community #financialinclusion #financialwellness #supportingcommunities

During a recent conversation with our friends at the New York Bankers Association, we broached the topic of Community Development Financial Institutions (CDFIs) — specifically discussing the surge in the number of CDFIs, of late, and the intersection with community banking. This conversation sparked me to dive deeper into the history underpinning the Community Development Financial Institutions Fund (CDFI Fund), the qualifications to become a CDFI, and the opportunity at hand for community banks. 💭 Did you know that just 27% of CDFI assets are held by banks, whereas 66% are held by credit unions? Yet the median asset size of a CDFI bank is nearly double the median size of a comparable credit union, at $335MM and $175MM, respectively... Read more here: https://lnkd.in/gAN5kYHk And as always, please engage in the comments! cc: Clare Cusack Niall O'Hegarty Karen L. Armstrong #CDFI #communitybanking #creditunions #financialinclusion

The 2023 Annual Report of First West Credit Union is out now with the theme 'Fundamental Fortitude'. Handling today’s challenges while building for tomorrow’s: amid continued economic turbulence, First West's core financials performed well and we continued to create and add value for our members, communities, and team members. Some highlights: 💰 Advancing member financial wellbeing: we introduced new features, products, tools and experiences to improve members’ ability to bank when and where they want, and to better manage their finances and financial goals. 🥫 Making meaningful impact: we invested more than $3.6 million in our communities. First West team members also contributed 6,780 hours of community leadership to more than 242 non-profit and charitable organizations throughout B.C. 💼 Helping team members flourish in a complex world: First West was honoured to be recognized as one of BC's Top Employers by Mediacorp Canada and one of Canada’s Most Admired™ Corporate Cultures by Waterstone Human Capital. "Our most heartfelt thanks to our members, for their continued loyalty to First West as their trusted financial advisors. Your financial success and flourishing matters to us—we’re here to help make it happen." - Shawn Neumann, Board Chair and Launi Skinner, CEO. Read the full report 👉 https://lnkd.in/gDd3X_Vj

As financial professionals, we have a unique responsibility to uplift and support the most vulnerable members of our society. That's why the certification as a Community Development Financial Institution (CDFI) holds immense importance. It signifies our commitment to maintaining the highest standards of integrity and dedication in serving underserved communities. Being a CDFI isn't just a title—it's a badge of honor that speaks to our unwavering dedication to making a positive impact. It's about understanding the unique challenges faced by those who are often marginalized, and working tirelessly to provide them with access to financial services and resources that can truly transform lives. Let's remember that this certification is not just a box to tick, but a pledge to channel expertise, resources, and energy towards building a more equitable financial landscape. #CDFI #IntegrityMatters #FinancialEmpowerment #SocialImpact

🏦💡 Did you know that the concept of a Credit Union was born out of a vision for financial empowerment? 💰💪 Back in 1900, in the town of Levis, Quebec, Canada, Alphonse Desjardins founded what is considered the world's first-ever credit union. Then 9 years later in 1909, he assisted in opening St. Mary's Cooperative Credit Association, the first U.S. credit union, in Manchester, New Hampshire. 🌍 Desjardins believed that financial services should be accessible to all, not just the privileged few. Fast forward to today, and credit unions continue to embody this spirit of cooperative finance. They're not-for-profit, member-owned institutions, dedicated to helping individuals and communities thrive. 💲 From humble beginnings to global impact, the story of the very first credit union is a testament to the power of community and financial inclusion. Let's continue to support these institutions that put people over profits. 💚 #MyICCU #CreditUnionHistory #FinancialEmpowerment #CommunityMatters #SolutionsForLife

What is a CDFI? A Community Development Financial Institutions (often called CDFI Banks) is an FDIC-insured bank or thrift that has a primary mission of promoting community development. The CDFI certification, administered by the U.S. Treasury Department’s CDFI Fund, indicates the bank has devoted at least 60% of its total lending, services, and other activities to benefit low income communities. These institutions are different from traditional banks because they target low and moderate income markets, working in urban and rural communities that lack access to credit and are not adequately served by the traditional banking industry. #bankcbb’s mission as California’s first CDFI has always been to make a positive and sustainable economic impact on our community as a committed and resourceful financial partner to local businesses, creative professionals, and nonprofit organizations. Learn more about banking with us at bankcbb.com. #BayArea #Oakland #DanvilleCA #SFPeninsula #SouthBay #BayAreaBusiness #SFBayArea

At today’s Freedman’s Bank Summer Symposium, Self-Help Credit Union highlighted their work in supporting access to affordable childcare through small business lending, an outstanding example of the incredible impact of $2.2 billion in Emergency Capital Investment Program (ECIP) investments in community development credit unions. Treasury’s 2023 Investing for Impact Report released today shows that CDCUs that received ECIP investments made more than $4.3 billion in deep impact loans, reaching the most underserved people and communities in 2023, and made an additional $6.1 billion in loans benefitting low- and moderate-income people and communities as well as people and communities of color. For more on CDCUs and ECIP, check out Cathi Kim’s piece (https://ow.ly/HgKe50SAL9h) in CUES CU Management highlighting the work of two high-impact CDCUs and how ECIP helped them deepen their impact in their communities. Watch: https://ow.ly/sQJ550SAL9j

Empowering Local Communities 🌳 Let's explore the incredible ways credit unions nurture our local communities and help them flourish, just like sturdy trees rooted in shared prosperity. Discover the unique strengths of credit unions that make them the green canopy of community support. 🌳 Community-Centered Focus: Credit unions prioritize community needs and foster growth for all members. 🌳 Supporting Local Businesses: They champion local businesses and entrepreneurs for sustainable growth. 🌳 Financial Inclusion and Accessibility: Credit unions offer opportunities for everyone, regardless of their financial background. 🌳 Personalized and Member-Centric Approach: Tailored solutions that align with members' financial goals and aspirations. 🌳 Building Financial Confidence: Empowering individuals through financial education programs. 🌳 Giving Back to the Community: Actively engage in community initiatives and support charitable causes. 🌳 Competitive and Fair Rates: Offering competitive rates and lower fees, benefiting the community. 🌳 Financial Resilience and Stability: Reliable partners for members during both good and challenging times. Credit unions are like strong trees, deeply rooted in their communities, and providing shade of financial growth and support. Their people-centered philosophy, commitment to financial inclusion, and dedication to community impact make them vital for nurturing a thriving and resilient society. Together, let's celebrate the power of credit unions as the green canopy of shared prosperity. 🌳💼 #CreditUnions #CommunityEmpowerment #FinancialInclusion #SupportLocalBusinesses #CommunityImpact

The Community Development Financial Institutions Fund (CDFI Fund) Institutions Fund at Treasury oversees the certification of community development financial institutions (CDFIs). CDFIs bring capital and other vital financial services to chronically disinvested communities that are not adequately served by traditional banks. Seeing promise where others see risk, CDFIs are a powerful tool to address the nation's growing economic inequality and to close racial wealth gaps. #community #development #CDFI

Rural Alabama currently faces a number of unique problems, including the challenge of banking. Town-Country United Bank, a sister bank of United Bank was proud to feature TCUB Interim President Richard Wright in WSFA 12’s ongoing series Raising the Bar: Overcoming Poverty in Alabama. Watch the story below to see how TCUB is supporting financial literacy in our communities. https://lnkd.in/gAYUrSNA #BuildingStrongCommunities #TCUB #RuralBanking