Coast Central Credit Union (CCCU) announced that it has been certified as a Community Development Financial Institution (CDFI) by the U.S. Department of the Treasury. CDFIs are mission-driven institutions dedicated to providing financial services that meet the needs of economically disadvantaged individuals, as well as small businesses, within underserved communities. In order to become certified, institutions are required to have a primary mission of promoting community development and serving low-income markets. CDFIs are part of a national network promoting economic growth through initiatives like affordable housing projects, first-time homeownership, micro business loans, and financial education.
Coast Central is currently applying for a $1 million grant as part of CDFI Fund’s program, focusing first on access to affordable housing solutions, specifically developing new loan products aimed at providing rental assistance and emergency home improvements for individuals and families in Humboldt, Del Norte, and Trinity counties. A decision on grant approval from CDFI is expected in late 2025 with the funds anticipated to be dispersed in early 2026.
In addition to the CDFI certification, Coast Central has also been approved as a Bank On institution by the national Cities for Financial Empowerment Fund (CFE Fund). Bank On is a nationwide effort to ensure that all residents have access to a safe, affordable bank or credit union account that meets National Account Standards. In conjunction, late last year, Coast Central introduced its low-cost Simple Checking product intended for those previously underserved and looking to improve their finances. The account features a lower opening balance of $25, monthly service fee of just $3, and no overdraft fees. When a CCCU membership is established on the same day, the $25 is waived. The account can be opened at any of CCCU’s 11 Member Services Branches.
For more information about CCCU’s CDFI efforts and opportunities for collaboration, please contact VP Member Digital Services Jasmin Gammel at (707) 445-8801, x1595 or jgammel@coastccu.org.
Coast Central Credit Union is the largest member-owned financial institution in the area, with over $2.1 billion in assets and operating 11 Member Services Branches throughout Humboldt, Del Norte and Trinity counties, including McKinleyville, open six days a week and Bayshore Mall, open seven days a week. Individuals and businesses in the three counties may bank at Coast Central by visiting coastccu.org/join. With a strong emphasis on personalized service, community involvement, and financial integrity, Coast Central Credit Union provides exceptional financial services to its more than 78,700 members. More information is available at coastccu.org, facebook.com/coastcentral, @coastccu on Instagram, and by calling (707) 445-8801.
