USF Federal Credit Union in Tampa, Florida, has received its certification as a community development financial institution.
The $1 billion-asset credit union was approved as a CDFI after starting the application process in October. Institutions seeking the designation must first meet criteria such as providing development services, upholding accountability to its defined target market and being a non-governmental organization.
The
"Like all credit unions, USF FCU has a mission to give back to the communities that we serve," Richard J. Skaggs, president and CEO of USF Federal Credit Union, said in a press release Monday. "We decided to apply for this CDFI designation as part of our commitment to improve the economic situation for people living and working in the Tampa Bay area."
The credit union worked with CU Strategic Planning, a Tacoma, Washington-based firm that assists institutions with the CDFI application process while also providing advisory and grant drafting services.
Using its new designation, the credit union has begun partnership talks with local organizations like University Area Community Development Corporation to help reach consumers with low to moderate incomes.
"We are pleased to be able to achieve this designation and our credit union team is excited to be part of this effort to help individuals improve their economic status … it shows we're living our mission statement, which is to deliver financial solutions to improve members' lives," Skaggs said in the release.
