The latest efforts by Missouri credit unions to obtain Community Development Financial Institutions (CDFI) certification are welcome news for U.S. Rep. Jo Ann Emerson (R-District 8).
Sixteen Missouri credit union CDFI designation applications have been completed after a comprehensive data collection effort by the Missouri Credit Union Association’s partner, CU Strategic Planning. Several credit union CDFI applicants are located in Emerson’s district, including Poplar Bluff Federal Credit Union, South Central Missouri Credit Union, Cape Regional Credit Union, and Rolla Federal Credit Union. There are already three CDFI certified credit unions in the state - Choices Federal Credit Union, Holy Rosary Credit Union and St. Louis Community Credit Union.
“This is great news about what credit unions are doing, and it’s going to benefit these communities,” said Emerson. “I’m excited to hear about this, especially what is taking place in rural areas like my district.”
U.S. Rep. Emerson learned about the Missouri credit unions’ CDFI efforts during a visit to the Missouri Credit Union Association (MCUA) offices on August 28. As the chairman of the House Appropriations Subcommittee on Financial Services and General Government, Congresswoman Emerson oversees appropriations for the CDFI Program.
CDFIs are specialized financial institutions that work in market niches that are underserved by traditional financial institutions. CDFI certified credit unions are eligible to apply for grant funding. That is the next step for Missouri CDFI applicants.
“This CDFI Program in Missouri has the potential to help create 14,000 jobs,” said MCUA President/CEO Mike Beall. “That real world economic impact highlights the power of the economic development our credit unions wield.”
In addition to CDFIs, Congresswoman Emerson discussed credit union legislative concerns and potential Congressional action through the end of 2012 with Beall and Amy McLard, MCUA VP of Federal Legislative Affairs.
MCUA is scheduling legislative meetings during the August recess and through the fall when federal lawmakers are in-district. The next meeting is scheduled for September 5 with Congressman Billy Long (R-District 7).
Photo caption: Missouri Credit Union Association Mike Beall and U.S. Rep. Jo Ann Emerson (R-District 8) meet at MCUA offices on August 28.