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Community Development Credit Unions

Community Development Credit Unions (CDCUs) are non-profit credit unions focused on serving low-income individuals and communities. Governed cooperatively, each member has one vote. CDCUs provide essential financial services, including fairly priced loans for those with limited credit and affordable savings options. They also offer financial education to empower members. With 225 CDCUs across 43 states, they aim to revitalize communities, support individuals with disabilities, and fill gaps left by traditional banks. Find a CDCU near you through the National Federation of Community Development Credit Unions.

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Community Development Credit Unions

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  1. Alternative Lenders: Community DevelopmentCredit Unions

  2. What is a CDCU? CommunityDevelopment Credit Union A CDCU is a credit union with the mission of serving low-income people and communities.

  3. CDCUs are: • Non-profit and tax exempt (but not a charity) • Cooperatively owned and governed, with one vote for each member • Government-regulated with deposit insurance

  4. CDCUs provide products and services to fit member needs: • Fairly priced loans to members with imperfect, limited or no credit • A safe place to save and conduct other transactions at a reasonable cost • Financial education for members

  5. NFCDCUNationalFederation of Community Development Credit Unions The NFCDCU is a coalition of credit unions dedicated to revitalizing low-income communities. There are 225 CDCUs in 43 states. Two-thirds are in urban settings and one-third are in rural environments.

  6. CDCUs vs. Low Income Credit Unions Low-Income Credit Unions Designation as “low-income credit union” is given by the National Credit Union Association (NCUA) • Give credit unions the right to accept non-member deposits and secondary capital • Serve a narrower field of members, i.e., groups of employees rather than the broader community

  7. CDCUs vs. Low Income Credit Unions CDCUs Designation as a CDCU is given by the National Federation of Community Development Credit Unions (NFCDCU) • The Federation regards all registered CDCUs as CDFIs under the auspices of the CDFI Act. • Currently, there are 80 CDCUs with CDFI certification.

  8. CDCUs • Serve people with disabilities • Have a people helping people philosophy • Fill the need of credit and financing services • to those who do not have access to • mainstream banks and financial institutions Why Partner with a CDCU?

  9. How to find a CDCU For more information on CDCUs and how to locate one in your community: Check the National Federation of Community Development Credit Union’s website at: http://www.natfed.org Go to “About Us” and check the list of “Our Members”

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