Greater Nevada Credit Union (GNCU) has been certified as a Community Development Financial Institution (CDFI). The U.S. Department of Treasury issued the certification to GNCU in January of this year. With $1.6 billion in assets, GNCU is both the largest financial institution and the only CDFI-certified credit union with headquarters in the state of Nevada.
To be eligible for certification as a CDFI, financial institutions must adhere to stringent requirements such as offering services for development, remaining accountable to their main target market, and striving to promote development within their communities. CDFIs invest in local communities and the residents who live there by providing critically needed financing often unavailable from conventional financial institutions.
“Certification as a CDFI institution is a reflection of Greater Nevada Credit Union’s commitment to our community and for helping people in Nevada Live Greater,” Wally Murray, GNCU President and CEO, said. “Nevada has typically been one of the most underfunded states in terms of CDFI institutions and grant-funded programs to serve those who need it most. We plan to leverage both our passion and our experience to utilize the CDFI Fund to help even more individuals and their families achieve better financial outcomes.”
The CDFI designation will allow GNCU to explore innovative new programs for individuals who may not qualify for conventional loans, deposit accounts, and down-payment assistance programs. CDFI organizations can apply for the CDFI Fund’s grant, tax credit, and bond programs that are administered annually. Those funds can be used to build the resources to better serve low-income individuals and communities that lack adequate access to affordable financial products and services.
“Greater Nevada Credit Union is already active throughout our region providing affordable products, free financial education, and direct monetary support to organizations that provide a range of economic and community development benefits,” Murray said. “This designation will allow us to look for impactful programs that focus on reaching those disadvantaged and underserved populations who can directly benefit more from accessing our services.”
Greater Nevada Credit Union worked with CU Strategic Planning, a Tacoma, Washington-based firm that assists institutions with the CDFI application process. Certified CDFIs are part of a national network promoting economic growth in America’s underserved communities by financing businesses, creating jobs, and rebuilding neighborhoods.
To learn more about GNCU including its ongoing impact in northern Nevada, visit gncu.org. Those interested in learning more about CDFI organizations can visit cdfifund.gov.
Author: Mike Lawson
Married to a most gorgeous and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.