Under the Radar & Above the Fray: CDFI Banks and Credit Unions Join Together to Combat Poverty

CDBA & inclusiv
Friday, September 20, 2019
Washington, D.C.

On Wednesday, September 18, 2019, the U.S. Treasury Department announced $25.2 million in Bank Enterprise Awards (BEA) by the US Treasury Department's Community Development Financial Institutions (CDFI) Fund. 38 banks certified as CDFIs received awards for their efforts to channel $19.4 million of deposits into 18 CDFI credit unions to support their lending in distressed communities. In 2016, the Community Development Bankers Association and Inclusiv began working together to play matchmaker between CDFI banks participating in the BEA Program and CDFI credit unions. While traditional banks and credit unions wage fierce battles over market share, tax status, and a host of regulatory issues, CDFI banks and CDFI credit unions work together to combat poverty.