Thursday, June 16, 2016
Dupaco gets boost to enhance service to low-income communities
The U.S. Department of the Treasury has certified Dupaco Community Credit Union as a Community Development Financial Institution (CDFI), which designates specialized organizations serving low-income communities and to people who lack access to financing.
CDFI eligibility requirements include having a primary mission to promote community development, providing both financial and educational services, maintaining accountability to a defined market, and more.
Dupaco is one of seven organizations—and one of three full-service financial institutions—in the state of Iowa to receive CDFI certification.
“Dupaco's mission is to improve each person's financial position. CDFI certification provides additional tools to enhance the credit union’s long-standing efforts in low-income and underserved communities,” said Dupaco Community Credit Union President and CEO Joe Hearn.
The CDFI Fund serves mission-driven financial institutions that take a market-based approach to supporting economically disadvantaged communities.