One Source Federal Credit Union receives CDFI Certification
EL PASO, TX (April , 2014) — One Source Federal Credit Union announces its certification by the US Treasury’s Community Development Financial Institutions (CDFI) Fund. There are approximately 800 certified CDFI’s in the US, including loan funds, credit unions, and community banks. OSFCU is only one of three credit unions to be certified and located in El Paso County. To receive this certification, financing organizations must have a primary mission of promoting community development and provide development services in conjunction with its financing activities.
CDFI certification allows One Source Federal Credit Union to better serve the low and moderate-income consumers and promote financial inclusion in El Paso County and Las Cruces, NM. The benefits of certification include access to financial grants from the CDFI Fund, access to New Market Tax Credits, and the enhanced ability to raise third-part funds. Prior to certification, One Source Federal Credit Union had received its Juntos Avanzamos- or “Together We Advance” Designation from the National Association of Credit Unions (NCUA) back on October 20, 2012, by demonstrating that it is well equipped to serve the financial needs of Hispanic consumers by offering bilingual services and information; affordable products and services; and important financial education to empower Hispanic families.
“Attainment of CDFI status for One Source is a strong validation of our long-standing commitment to our members and to the communities we serve. It demonstrates that we are not only responsive to our members’ financial needs, but that we recognize the positive impact we can have on their financial well-being. This is a commitment One Source has made throughout our 77-year history of service to El Paso and Las Cruces,” stated Bob Peterson, President/CEO of One Source Federal Credit Union.