WASHINGTON–The Treasury Department has announced the Community Development Financial Institutions Fund (CDFI Fund) will extend the upcoming application deadlines for its the fiscal year (FY) 2020 funding round of the Community Development Financial Institutions Program (CDFI Program) and Native American CDFI Assistance Program (NACA Program).
Separately, FASB meet to discuss deferring two accounting standards.
The CDFI Fund is releasing the updated deadlines in anticipation of the publication of an Amended Notice of Funds Availability (NOFA) in the Federal Register on April 13, 2020, Treasury said.
The new deadlines are:
- April 28, 2020 at 5:00 p.m. ET: the last day to contact CDFI Program and NACA Program staff with questions about the application (previously April 17, 2020)
- April 30, 2020 at 5:00 p.m. ET: the last day to contact the CDFI Fund’s IT Help Desk with any technical problems with the Awards Management Information System (AMIS) (previously April 21, 2020)
- April 30, 2020 at 11:59 p.m. ET: the last day to submit a complete FY 2020 CDFI Program or NACA Program Financial Assistance or Technical Assistance Application through AMIS (previously April 21, 2020)
Other Deadlines Remain
Treasury said the CDFI Fund is providing the short-term extension to allow organizations additional time to prepare their applications amidst the immediate impacts of COVID-19 on their normal business operations.
All other deadlines and requirements in the FY 2020 CDFI Program and NACA Program NOFAs as previously published on Feb. 21, 2020, remain in effect and unchanged, Treasury said.
All of the guidance and application materials for the FY 2020 application round are available on the CDFI Fund’s at www.cdfifund.gov/cdfi and www.cdfifund.gov/native.
FASB Meets to Discuss Deferral of 2 Accounting Standards
Separately, the Financial Accounting Standards Board (FASB) met this week to discuss the deferral of two accounting standards – revenue from contracts with customers (Topic 606) and leases (Topic 842).
The board did not discuss requests to defer its current expected credit loss (CECL) standard, currently set to take effect for credit unions in 2023, NAFCU noted.
The board unanimously voted to approve all staff recommendations, which included a one-year delay of the leases standard for private and public entities.
NAFCU said it continues to urge an exemption for credit unions or at least an additional delay as banks received under the CARES Act, including in a letter to Congressional leadership outlining steps Congress can take to provide credit unions with relief.
Last month, FASB issued a new accounting standards update for its major standards, including CECL, intending to make "narrow-scope" improvements as part of FASB's ongoing codification improvement project.