CDFI Certification. A Pathway to Growth and Impact
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- Diane Baker
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1 CDFI Certification A Pathway to Growth and Impact
2 CDFI Fund Basics Established by Congress 1994 Federation and CDCUs instrumental in founding CDFIs include regulated and unregulated institutions that meet criteria
3 CDFI Fund Basics Certified CDFIs eligible to apply for financial and technical assistance grants Loan Funds historically more than 80% of certified CDFIs $1.8 billion in CDFI Funds FA/TA awards to date Loan Funds have received 84% of CDFI awards since inception Credit unions have received $187 million (11%)
4 Credit Unions & CDFI Fund CUs Initially slow to embrace CDFI certification Grants not a core strategy Perceived risks of focus on CDFI Target Markets New momentum since 2010 Number of NCUA LID CUs doubling Increased visibility of CDFI success stories 2014 NCUA CDFI Certification Challenge Federation CDFI Certification Challenge Positive research findings on performance & impact of CDFI CUs
5 Trend: Increased Certification of Regulated CDFIs Type of CDFI Unregulated CDFIs December 2013 June 2015 % Increase Number Percent Number Percent Loan Funds % % +4% Venture Capital Funds 13 2% 14 1% +8% Regulated CDFIs Credit Unions % % +51% Banks and Thrifts 76 9% % +45% Depository Holding Companies 50 6% 61 6% +22% Total % %
6 Increased Awareness of Certification Benefits CDFI Fund Programs Financial & Technical Assistance Bank Enterprise Award Deposits CDFI Bond Guarantee Program CDFI Capacity Building Initiative
7 Increased Awareness of Certification Benefits Eligible for Bureau of Indian Affairs Loan Guarantee Eligible to join Federal Home Loan Bank Exempt from CFPB Ability to Repay and Qualified Mortgage requirements Exempt from 12.5% portfolio cap on Member Business Loans
8 CDFI Fund Priority Markets Focus on underserved Target Markets People Low Income Targeted Populations Other Targeted Populations Places CDFI Investment Area (Census Tracts) Low Income High Poverty High Unemployment 384 Persistent Poverty Counties Poverty rates above 20% as of 1990, 2000 and % of all census tracts qualify as CDFI Investment Areas
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14 Eligibility Estimates Of 21,938 total CU branches in US, 48% located in CDFI Investment Areas More than 3,000 CUs have at least 60% of their branches located in CDFI Investment Areas More than 2,400 CUs without CDFI certification have 100% of their branches in CDFI Investment Areas, including 939 with LID
15 Eligibility Estimates 438 credit unions could be immediately eligible for certification based on community development profiles Many hundreds more could become eligible by focusing efforts and activities on CDFI target markets in their areas
16 CU Eligibility for CDFI Certification Highest Target Market Concentration
17 CU Eligibility for CDFI Certification Highest Community Development Products & Services Highest Target Market Concentration
18 CU Eligibility for CDFI Certification CDFIs
19 CU CDFI Eligibility Estimates Provision of Community Development Products & Services Focus in CDFI Low-Income and Investment Area Target Markets
20 CU CDFI Eligibility Estimates Provision of Community Development Products & Services CDFI Zone 649 Credit Unions 211 Certified CDFIs 438 High CDFI Potential Focus in CDFI Low-Income and Investment Area Target Markets
21 CU CDFI Eligibility Estimates Provision of Community Development Products & Services CDFI Zone 649 Credit Unions 211 Certified CDFIs 438 High CDFI Potential CDFI Waiting Room 1,786 Credit Unions 28% of total Focus in CDFI Low-Income and Investment Area Target Markets
22 What the Research Says
23 CDFI Credit Union Impact CDFIs promote economic revitalization among underserved communities and populations Financial services are a critical path to financial inclusion CDFI CUs leverage more private capital than any other type of CDFI Median Loan Fund leverage: $1.10 Median CDFI Credit Union leverage: $9.91 From , 61 CUs that received $102.7M in CDFI grants, increased: Total Assets by $2.4 Billion Total Loans by $1.5 Billion Leverage rate of more than 23:1
24 CDFI Credit Union Performance Despite serving low-income, underserved markets, when compared with mainstream peers, CDFI CUs: Deliver comparable financial results (ROI) Show no greater institutional risks Rate equal or better in operational efficiency
25 CDFI Credit Union Performance CDFI CUs outperform their mainstream peers in: Member service technologies Complex loan products Community development loan products Community development services Capacity building services
26 1. Is a legal entity What Makes a CDFI? 2. Has a primary mission of community development; 3. Is a financing entity; 4. Conducts more than 60% of their activities in an eligible target market; 5. Is accountable to the target market; 6. Provides development services to borrowers and prospective borrowers; and, 7. Is a non-governmental entity.
27 What Really Makes a CDFI? A matter of intent - What they do, not where they live Far more likely than peers to offer: Community Development Loan Products Credit builder, shared secured credit cards, micro business & consumer, pay da, refund anticipation anti-predatory STS loans Community Development Savings & Account Services Check-cashing, international remittances, money orders, business share accounts Capacity-Building Services Financial counseling, financial education, first-time home-buyers programs, bilingual services, free tax preparation services
28 Why Greylock Loves the CDFI Program
29 About Greylock Federal Founded in 1935 Pittsfield GE Employees CU Community charter Limited to Berkshire County, Western MA 71,000+ members Possible 130,000 $1+ billion in assets
30 Challenging Market Declining population Increasing poverty 1-in-4 kids under age 5 living in poverty 10,000+ GE jobs replaced with hospitality Rural market with weak infrastructure
31 What We Do Well #1 in local mortgages and auto loans Business banking: $70M portfolio Branch convenience 23% of all deposits in our FOM Comprehensive services CUSOs for Insurance, Marketing and Technology Investment division
32 We CDFI Low Income Designation granted Feb Producing $15M in new auto loan potential Cap lifted on commercial lending Access to grants and network of ideas o Detroit Federation Conference May 2014
33 We CDFI Process of re-examination within CU Emerging Market Report 2014 Developed new insights into potential growth
34 Why We CDFI What we recognized in our evaluation Fast-growing Hispanic population LMI members are less likely to have credit relationship with Greylock than upscale or middle income We have the ability and the responsibility to help improve financial inclusion in our market!
35 We CDFI CDFI Certification received Feb. 12, 2015 New frame for strategic thinking: Much our market is low-to-moderate income. How can we better serve these members? If we don t serve them, who will?
36 We CDFI I'm wondering if you have a financial person that I could speak with... my credit is horrible and I need to rebuild it, so I need help in doing so. I want to buy a house so I need to start by repairing the damage. I ran my credit report and it doesn't mean much to me, except bad. I've been a customer a long time, I have bank accounts with you, my car insurance and my renters insurance. Is this anything that you offer? Shana S.
37 Why We CDFI Being a CDFI credit union changes the conversation about business priorities Refocus on the why of the organization People Helping People
38 Actions Taken Created position of Member Financial Education Program Coordinator Expanded financial education series Hired Greenpath Financial Preparing Credit-Builder Loan Product Maureen Phillips
39 Actions Taken Partnership with Federation consultant Developing application for $2M US Treasury grant Foreclosure Prevention & Member Financial Relief Program Could help 200 Berkshire County residents avoid foreclosure, repair credit Scott Butterfield
40 Why We CDFI Less concern about what the banks are doing and more about what we are doing to help members who really need help!
41 Best of Continued Success John L. Bissell Executive Vice President Greylock Federal Credit Union
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