Executive Summary
Credit unions were built on the premiss of people, helping people and serving those who need it most in our community. This social impact mission is still what drives the core values and strategic goals for many credit unions today. Those institutions who really walk the walk on their social impact mission, leverage the CDFI Fund as a direct pathway to address the needs of the underserved and promote stable and prosperous communities.
While CDFI certified financial institutions have been around for decades, there has never been a greater need for more social impact focused organizations than right now. But the current pressures on a credit union's balance sheet could make a shift toward serving a lower-income population seem like too big a risk to commit to in today's environment.
Credit Union Implications
The following brief explores the many opportunities and challenges that go along with CDFI certification and will focus on answering the following questions:
- How does being a CDFI impact a credit union's finances and employees?
- How does being a CDFI impact a credit union's members and community?
- What can credit unions do to be as impactful as possible as a CDFI?
If your credit union is considering applying for CDFI certification or you're just curious to see the difference in financial performance of certified vs. non-certified credit unions, we urge you to download the full brief to learn more about the process and outcomes of being a CDFI certified credit union and what it could mean for your members, community and financial stability.
Filene's Center for Community Social Impact is generously funded by:
