VyStar Credit Union in Jacksonville, Florida, has been certified as a community development financial institution.
The $13 billion-asset credit union announced that it obtained its designation as a CDFI after first beginning the process in early 2021. Criteria for CDFI certification include providing educational services, maintaining accountability to a defined market and adhering to a core mission to promote community development.
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“We believe in the importance of reflecting the communities we serve, and that means meeting individuals where they are and helping improve their financial wellness with fairness, compassion and integrity,” Jenny Vipperman, chief lending officer at VyStar, said in a press release Tuesday. “That’s why we employ a diverse, talented staff and remain committed to making our high-quality products and services available to people of all different backgrounds.”
To further its efforts in the application process, the credit union recruited the aid of CU Strategic Planning, a Tacoma, Washington-based firm that assists credit unions with the CDFI certification and grant application processes, among other business planning services. Under its new status, VyStar plans to leverage future CDFI grant funds it receives to expand its service in underserved and vulnerable markets.
“VyStar truly demonstrates that credit unions continue serving their intended purpose [of ] providing affordable financial services for people of all backgrounds, especially those who are most financially and socioeconomically disenfranchised,” Carrie Ostrem, assistant vice president of certification services for CU Strategic Planning, said in the release. “Our work makes it easy to show up every day and unlock opportunities for credit unions and their communities.”
Other growth efforts from the credit union include its
