Kate Lybarger

To all #CDFI #CreditUnions Worried About Losing Certification: On December 7, 2023, the Community Development Financial Institutions Fund (CDFI Fund) published a revised CDFI Certification Application. Since then, CUCollaborate has heard from many credit unions that they worry about retaining Certification under the revised application. So, over the last few months, we have been working hard to develop strategies -- and the necessary software to support them -- to provide credit unions the best chance of retaining Certification. Below are some of the strategies, including software we have developed: 1. Custom Investment Areas (IA): While the revised certification application has significantly diminished the potential impact of custom IAs, they are still a critical tool for credit unions within reach of Certification but not quite there. Our software draws mathematically optimized, custom IAs based on a credit union’s lending activity and financial services. 2. Financial Services Option Analysis: Under the revised application, credit unions that either have 60% by number and 50% of the dollar, or 50% by number and 60% by dollar, can retain Certification if at least 60% of the credit union's depository account holders are members of one or more eligible Target Markets. We have found that the combination of a mathematically optimized Custom IA and the Financial Services Option is particularly effective in retaining Certification, specifically in desperate cases. 3. Target Market API: We have developed a CDFI Target Market API which supports a number of strategies to ensure that you meet your target market lending requirements moving forward. We have established, and continue to add more partnerships, with Fintechs (like National Auto Loan Network, LoanStar Technologies, GreenLyne, etc.) and loan participation platforms (like Aluvy, etc.) to help source qualified lending to ensure credit unions retain certification in the future. 4. CDFI Certification Dashboard: We have also developed a data analytics platform, allowing credit unions to monitor the necessary statistics to retain certification on a rolling basis to ensure that if they start to fall behind, proactive action may be taken before it is too late. 5. CUSO Strategies: If all else fails, credit unions can leverage CUSOs to either help the credit union attain or retain Certification directly OR indirectly gain the many benefits conferred by CDFI Certification through a CDFI Loan Fund CUSO. We know the value of your CDFI Certification, which is why we have invested significantly in developing strategies and proprietary technology that help credit unions retain Certification. Moreover, the software we have developed allows us to help credit unions retain Certification in instances when it would simply be impossible without it. If you believe you are in jeopardy of losing your certification, please contact us: https://lnkd.in/gsysDMTp

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We believe open banking has the power to transform access to financial services—especially for low-wealth and marginalized communities. But with every opportunity comes risks. How can we make sure this innovation benefits everyone, not just those already financially secure? In our latest blog, we dive deep into: ✅ The potential of open banking to improve financial inclusion ✅ The risks it poses to vulnerable populations ✅ What needs to happen to create a more equitable financial future for all 📖 Read our latest blog post to learn more about how open banking could shape the future of financial inclusion: https://lnkd.in/gZt4Siw9 #FinancialInclusion #OpenBanking #EconomicJustice #FintechForGood #FinancialEquity #ConsumerProtection

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Amazing workshop with these TD leaders refreshing on their #Kolbe strengths and adding their #DISC communication styles to boost their #development. Their insights will help them work better together and improve how they lead their teams. Could your upcoming offsite benefit too? https://ow.ly/w4U550SKc4B

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