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Wednesday, May 22, 2024

TAPCO Credit Union Receives Community Development Certification to Enhance Support for Pierce County and South Sound Residents

In Pierce County, hardworking individuals have faced economic challenges for far too long. TAPCO Credit Union is dedicated to making a positive impact on the lives of our members, consumers, and the community as a whole.

The U.S. Treasury Department’s Community Development Financial Institutions Fund has officially certified TAPCO Credit Union as a Community Development Financial Institution (CDFI). This prestigious designation is only granted to organizations that have demonstrated a commitment to providing financial services and products to communities that lack access to traditional banking services. The goal of CDFI Certification is to foster economic growth and opportunity in some of the nation’s most distressed communities.

Justin Martin, CEO of TAPCO CU, expressed gratitude for the certification and highlighted the credit union’s plans to utilize it to secure grant funding. This funding will enable TAPCO to expand its products and services, particularly in areas of inequity within the community, ultimately benefiting those who have historically been underserved by the financial system.

Established in 1994, the CDFI Fund was created with the aim of increasing lending and community development through certified CDFI institutions. This allows these organizations to extend their reach into economically distressed areas and underserved communities. CDFI Certification also opens doors for institutions to access CDFI grant funds, which are to be used to support financially vulnerable residents and communities.

TAPCO Credit Union collaborated with CU Strategic Planning, a leading credit union consultancy focused on CDFI certification, grant fund applications, strategic planning, financial empowerment, and DEI (Diversity, Equity, and Inclusion) initiatives. CEO and Co-Owner Stacy Augustine emphasized the essential role that credit unions play in unlocking opportunities within their communities and shared that CDFI certification offers pathways to additional capital that credit unions can then invest back into their communities to improve the lives of their members and neighbors.

Moving forward, TAPCO CU plans to work with CU Strategic Planning to analyze data surrounding underserved populations in the area and seek CDFI grant funding to introduce products and services that will increase access to financial services and help address systemic issues perpetuating exclusion from the financial system.

TAPCO Credit Union, established in 1934, has deep roots in the community and takes pride in serving its members. Membership is open to anyone living, attending school, working, or worshipping in the state of Washington. As a not-for-profit financial cooperative, TAPCO’s members are also owners who benefit from the credit union’s success. TAPCO is committed to bringing a human touch to financial services and assisting members in achieving financial well-being.

CU Strategic Planning, with 15 years of experience, is the leading CDFI certification and grant-writing firm for credit unions in the U.S. The firm helps credit unions secure grants, develop strategic and tactical plans, provide DEIBA consulting, offer HERO Community Development Financial Counselor training, facilitate community summits, and more. To date, CU Strategic Planning has secured $800 million in funding for CDFI credit unions.

For more information, please contact:
Angel Everard

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