NCUA Announces New Streamlined CDFI Applications Open Sept. 12

Last week, the National Credit Union Administration announced in a press release that federally insured, low-income credit unions seeking a Community Development Financial Institution (CDFI) certification can apply for the NCUA’s streamlined qualification process between Sept. 12 and Oct. 15.

“CDFI certification is an important tool eligible credit unions can use to expand opportunity for their members and communities,” NCUA Chairman Todd Harper said. “Credit unions can use CDFI funding to build capacity and develop new products and services to meet the credit and savings needs of consumers, especially those of modest means. I encourage all eligible credit unions to apply.”

To qualify, low-income-designated credit unions must register in the NCUA’s CyberGrants system and complete an online Participation Form. The NCUA’s Office of Credit Union Resources and Expansion will review each credit union’s products, services, and other indicators to determine whether the credit union qualifies for the streamlined certification application.

Question of the Week

Q. We have an individual with a POA requesting to access a living trust account. Does a POA authorize access to a trust account?

A. A power of attorney (POA), on its own, is not sufficient to grant authority on a trust account. However, if both the POA document and the trust document allow for the use of a POA, then it can be used to access the trust. Trust powers expressed in a POA document only are not enough to allow the attorney-in-fact to act on the trust account.

Compliance Alerts

National Credit Union Administration

Streamlined CDFI Application Qualifying Round Opens Sept. 12: The NCUA announced that federal insured, low-income credit unions seeking a Community Development Financial Institution (CDFI) certification can apply for the NCUA’s streamlined qualifying process between Sept. 12 and Oct. 15.

Office of Foreign Assets Control (OFAC)

OFAC has updated the SDN list as of Aug. 24. The last update prior to this was Aug. 19.

Posted in Compliance, Compliance News, Compliance Question.