California Investment & Innovation Program (Cal IIP) Resources for Potential CDFIs
Definition
- A community development financial institution, or CDFI, is a financial service provider with a mission to provide financing and support to underserved communities.
- A variety of entities can be a CDFI, including banks, credit unions, loan funds, and venture capital funds.
- Only a CDFI which has a current certification by the Community Development Financial Institutions Fund (CDFI Fund) is eligible to apply for Cal IIP, per statute.
The U.S. Department of the Treasury Community Development Financial Institutions Fund (CDFI Fund)
The CDFI Fund is a federal program which is a part of the U.S. Department of the Treasury (UST).
The CDFI Fund provides a certification process for CDFIs, as well as training and technical assistance, and awards.
- CDFI Fund: Certification
- CDFI Fund: Training and Technical Assistance
- CDFI Fund: Awards
National Resources
Four organizations oversee financial institutions on the federal level, and provide a variety of resources.
- Federal Deposit Insurance Corporation (FDIC)
- Federal Reserve Board (the Fed) and Federal Reserve Banks (FRBs)
- National Credit Union Administration (NCUA)
- Office of the Comptroller of the Currency (OCC)
In addition to federal organizations, there are national organizations which work with CDFIs, including:
National-level Information and resources for organizations seeking to form a CDFI, or financial service providers seeking to become a CDFI, include:
California Resources
In California, the Department of Financial Protection and Innovation (DFPI) oversees financial service providers which are not overseen by a federal organization.
An organization which does not already have federal or California oversight for financial service activities and wishes to become a CDFI should contact DFPI.
- Types of financial service providers overseen by DFPI
- DFPI General Contact Information
- DFPI Licensing: Phone: 1-866-275-2677 Email: licensing@dfpi.ca.gov
- DFPI Office of Financial Technology Innovation
In addition, there are organizations for California CDFIs, including:
- California Association for Micro Enterprise Opportunity (CAMEO)
- California Coalition for Community Investment (CCCI)
- California Community Economic Development Association (CCEDA)
California-level Information and resources for organizations seeking to form a CDFI, or financial service providers seeking to become a CDFI, include: