On June 29, 2009, Harahan-based ASI Federal Credit Union became one of 59 Community Development Financial Institutions (CDFI) nationwide to receive a financial assistance award for Fiscal Year 2009. The award is part of the Obama Administration's continued investment in economic development in communities around the country through the Recovery Act.

ASI Federal Credit Union received the maximum $2 million award, which it will use to increase its loan loss reserves and lending activity. ASI Federal Credit Union is a certified CDFI established in 1961 that serves New Orleans and much of southern Louisiana, providing a combination of financial services and products to its members, including extensive services to the formerly unbanked. ASI has since grown to 15 branches to continue its mission to serve the community and currently has over 75,000 members.

“This wonderful award will allow ASI Federal Credit Union to make more loans to low income members in underserved neighborhoods during a time when so many need assistance,” says Mignhon Tourné, ASI’s President and CEO, “To be a recipient of such an award is an honor and a privilege and comes to ASI as a direct result of hard work and dedication on the part of staff, with support and guidance from our Board of Directors. This award represents teamwork among the entire credit union and the ongoing drive to create value for ASI and our members.”

The CDFI program invests in and builds the capacity of a nationwide network of community-based financial institutions with a primary mission of community development in economically distressed urban, rural, and Native communities. The CDFI Fund receives applications on an annual basis and awards funds through a competitive process.

"The Recovery Act is playing a critical role in restoring economic growth and strengthening our nation's financial stability by developing and investing in local communities," said U.S. Treasury Secretary Tim Geithner, who announced $90 million in financial assistance awards. "These awards will help generate capital for small businesses, mortgage loans for homebuyers, and funding for affordable housing projects and other facilities in communities across the country."

Membership with ASI Federal Credit Union is open to anyone who lives, works, worships or attends school in Westwego, Waggaman, Bridge City, Avondale, Algiers, Harvey, Marrero, Gretna, South Kenner, and all of Orleans, St. Tammany, St. Charles, Lafourche and Evangeline Parishes.