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LEWISTON — Community Credit Union was recently certified as a Community Development Financial Institution after an extensive application process. CDFI certification is the U.S. Department of the Treasury’s recognition of specialized financial institutions serving low-income communities and individuals.
The CDFI “movement” took shape in the 1970s with the passage of the Community Reinvestment Act, which encourages financial institutions to meet the needs of all sectors of the communities they serve. Community Development Financial Institutions emerged in response to a lack of access to responsible and affordable credit and capital in minority and economically distressed communities.
CDFI Certification was established in 1994 to provide guidelines and eligibility criteria for any organization looking to become a certified CDFI. Many certified CDFIs offer more favorable and flexible loans than traditional lenders. Since its inception in 1994, the CDFI Fund has built a nation-wide network of CDFIs committed to ensuring that underserved communities have access to quality, affordable, and credible financial services that they need to proper.
There are fewer than 10 CDFIs in Maine. This certification allows Community Credit Union to join a network of mission-driven institutions that serve and empower economically distressed communities. This translates into real change for the communities and people who need it most. As a credit union serving Androscoggin County for 75 years, the philosophy of people helping people is demonstrated daily. Under the leadership of Jennifer Hogan, president/CEO, the discussion of expanding economic opportunity in our communities and providing access to financial products and services for local residents and businesses led the Credit Union to apply.
“Our vision for our Credit Union, members and the community is so well-aligned with the mission of CDFI’s across the country,” Hogan said. “The Board of Directors and team at Community Credit Union are excited for the opportunity to learn from other CDFIs as well as apply for grants and resources that will broaden our impact in the community we serve and our continued efforts to help people achieve financial wellness.”
Community Credit Union is a member-owned, full service financial institution that has been serving its members and all of Androscoggin County for 75 years. Community Credit Union has branches at 144 Pine St., as well as 40 Stanley St., Auburn, and 1025 Auburn Road, Turner, and serves approximately 10,000 members.
For more information, visit www.communitycreditunion.com.
PHOTO: Community Credit Union’s Senior Leadership Team and Board of Directors (taken before COVID-19 restrictions), from left, Andrew Lunn, executive vice president; JoAnn Jackson, vice president of financial operations; Barry Schmieks; Elizabeth Keene[ Alfreda Fournier; Kate Adams; Betsy Sibley, vice president of marketing; Jon Butler; Jennifer Hogan, president/CEO; Marcel Gagne; Bruce Bilodeu. (Submitted photo)
