Greylock Receives CDFI Certification| 02:01PM / Friday, March 06, 2015 | |
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PITTSFIELD, Mass. — Greylock Federal Credit Union has announced its certification by the U.S. Treasury Department’s Community Development Financial Institutions (CDFI) Fund.
The certification allows Greylock to expand services addressing the needs of low to moderate income families. There are 808 certified CDFIs in the United States, including loan funds, credit unions and community banks. Greylock is the only CDFI credit union in the state of Massachusetts.
“Providing financial services to people of modest means is at the heart of what it means to be a credit union. We are one of the last places in the region where a family can have a truly free checking account without a minimum balance requirement or monthly fee," Greylock President Marilyn L. Sperling said. "The CDFI certification will help us expand our financial literacy outreach, increase our lending programs focused on lower income families, and help more families achieve greater financial stability.”
To receive this certification, financing organizations must have a primary mission of promoting community development and providing development services in conjunction with their financing activities. The benefits of CDFI certification include access to financial grants from the CDFI Fund, partnership opportunities with banks that are seeking Bank Enterprise Awards, access to New Market Tax Credits and the enhanced ability to raise funds from foundations, corporations and state and local governments.
Previously, GFCU received a Low Income Designation (LID) from the NCUA. This was based on analysis which showed that more than half of Greylock's members live in areas designated as low income by federal standards.
“Through these designations, federal agencies are providing credit unions with more tools to help meet the needs of families facing tough economic times,” Sperling said.
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