WASHINGTON—The Community Development Financial Institution (CDFI) Fund’s revised Certification Application is now open for public comment.
As CUToday.info reported earlier, in October the fund previewed changes to the application after a six-month blackout periodbegan Oct. 1, during which it is not accepting new applications while it updates the form and process.
The proposed changes would impact the CDFI Certification Application, Annual Certification and Data Collection Report, and data collection mechanisms. A substantive change to the primary section of the Certification Application will now include a bright-line questioning related to an organization’s lending and financing practices to better gauge an applicant’s “adherence to responsible financial practices,” NAFCU said.
Prior to the preview of changes, the agency also issued supplemental guidance on CDFI certification and published a CDFI Certification Cure Period FAQ guide to inform CDFIs how to resolve certification-related deficiencies during a cure period.
However, many institutions, including credit unions, experienced insufficient communications about pending applications as well as the blackout and other cure periods, an issue both NAFCU and CUNA have raised with the CDFI Fund and Treasury.
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