INDIANAPOLIS–NorthPark Community Credit Union is reporting it has been certified as a community Development Financial Institution by the Treasury Dept. It was assisted in its application by Tacoma, Wash.-based CU Strategic Planning.
“This is a huge win for our credit union and gives us another tool to build on our mission of leading our members to achieve financial success,” said Carma Parrish, CEO of the $45-million NorthPark Community CU. “It’s been awesome working with CU Strategic Planning. I’m a DIY person, but when a Cadillac rolls up you suddenly feel like Fred Flintstone and you welcome the help. The process was easier than I could ever imagine, and it has kept our focus on what matters, especially during the current challenges.”
Parrish said the new certification will help NorthPark Community maintain its focus on serving the underserved. CU Strategic Planning reported it discovered during the application process that 75% of the credit union’s membership are qualified as low income or below. Fully 45% are considered very low income or lower, and 18% are extremely low income.
“We’re so excited for Carma and NorthPark Community Credit Union, but especially happy that the credit union’s members will receive even more much-needed assistance,” CU Strategic Planning Director of Certification Services Carrie Ostrem said. “The work our team does is quite challenging but oh so rewarding. Our clients are incredibly inspiring and helps us love our jobs even more.”
Refocused Efforts
According to Parish, the 5,000-member NorthPark Community Credit Union has always been focused on serving the underserved, but the new CDFI status solidifies it. “This certification and the strategic direction we’re taking with it is refocusing our efforts to be more intentional and precise. Access to CDFI grants will provide much-needed resources and enable us to evolve at a faster pace.”