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United Bay Community Credit Union Earns Certification as Community Development Financial Institution
For Immediate Release For more information:
May 17, 2023 Doug Kelley, CFO
(989) 892-4597 dkelley@ubccu.org
United Bay Community Credit Union Earns Certification as Community Development Financial Institution
Bay City, MI – As of April 30, 2023, United Bay Community Credit Union (Ubay) has been granted the designation of Community Development Financial Institution, officially joining the ranks of approximately 50 CDFIs serving the state of Michigan. According to reports from the federally backed Community Development Financial Institution Fund, there are only 1,000 CDFIs currently operating nationwide.
Established by the Riegle Community Development and Regulatory Improvement Act of 1994, Community Development Financial Institutions (CDFIs) are mission-driven organizations that introduce capital into communities that otherwise lack access to traditional banking and lending services. These specially designated financial institutions receive federal dollars from the CDFI Fund for efforts to develop and revitalize local economies in the communities they serve. Federal dollars received by CDFIs are allocated to help individuals who would otherwise not be considered for lending programs, such as small dollar loans and mortgages.
“United Bay Community Credit Union is honored that we’ve earned our CDFI certification,” said Doug Kelley, United Bay Community Credit Union CFO. “The CDFI designation helps Ubay provide services to the communities that need it most. Our organizational mission is to provide our members with the resources to develop strong financial roots, and CDFI funding will allow us to provide more of those resources.”
For more information, contact Doug Kelley, CFO, United Bay Community Credit Union at (989) 895-3034 or dkelley@ubccu.org.