FAQ

What is a Community Development Financial Institution?

Community Development Financial Institutions (CDFIs) are financial institutions that share a common goal to expand economic opportunities in low-income communities by providing access to financial products and services. CDFI certification is granted by the U.S. Treasury to financial institutions who demonstrate:
  1. a mission to promote community development,
  2. a practice of providing both financial and educational services, and
  3. accountability to underserved markets.
Veridian was among the first credit unions in Iowa to become CDFI-certified in 2016. Any non-government financial institution is eligible to apply for CDFI certification. As of 2021, there are seven CDFIs in Iowa, including four credit unions and no banks.

What does Veridian's CDFI certification mean?

The purpose of Veridian's CDFI certification is to benefit the communities we serve. CDFI certification allows us to apply for competitive CDFI grants from the US Treasury. For example, we recently turned a $1.1 million CDFI grant into $21 million in Financial Inclusion Mortgages for members with barriers to homeownership.

All information provided through this site is intended to be accurate. However, there may be inaccuracies from time to time which we will make every attempt to correct immediately.

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