SEATTLE — Verity Credit Union has been recertified as a Community Development Financial Institution by the U.S. Department of the Treasury’s CDFI Fund, the credit union said.
The $735 million- Verity said the federal designation recognizes its continued work to provide financial products and services to individuals, families, small businesses and communities that have historically had limited access to traditional financial services.
The recertification comes as the Seattle-based credit union prepares to open a new branch at 8825 Rainier Ave. S. in October.
“Every member who walks through our doors is trusting us with something personal, and we are proud to support them wherever they need us most,” President and CEO Tonita Webb said in a statement.
Webb said the CDFI recertification reflects Verity’s efforts to expand access to lending, provide financial guidance and work with community organizations.
“Our CDFI recertification is a reflection of that promise — meeting people where they are and building solutions around what our members and communities actually need,” Webb said.
CDFI Designation Focuses on Underserved Communities
The Treasury Department’s CDFI Fund was established in 1994, and certifies financial institutions and other organizations that meet requirements for serving economically underserved communities.
Verity said its CDFI-related efforts include several programs aimed at reducing barriers to financial services. The programs include:
- Its Pathways to Wealth & Resources program provides free community-based financial education, including workshops designed to help participants develop financial skills and pursue longer-term financial goals.
- Its Community Cares initiative brings financial assistance and other support directly into communities through events held in partnership with local organizations.
- Grants for Growth, an annual program that provides funding to nonprofits and microbusinesses led by and serving historically excluded communities across Washington.
- A Small Dollar Loan program that is designed to provide members with an alternative to higher-cost and predatory borrowing.
New Rainier Branch Planned for October
Verity said the opening of its Rainier Avenue branch will further its efforts to expand access to financial services in the Seattle area.
The credit union said about 87% of its deposits are reinvested in the local economy and its members through consumer and business lending.
Verity describes its mission as creating economic opportunity and supporting sustainable communities, with a particular focus on people and businesses that historically have been underserved by the financial system.
