WASHINGTON—CUNA, the American Association of Credit Union Leagues, and all state leagues wrote to House and Senate leaders calling for solutions to a number of issues related to the Community Development Financial Institutions (CDFI) Fund issues.
In the letter, CUNA and the leagues noted they have previously engaged with the CDFI Fund regarding issues related to CDFI credit unions receiving blanket cure notices and having their CDFI designation terminated without meaningful information or guidance.
Now, the organizations are calling on Congress to urge the CDFI Fund to offer a provisional certification to any CDFI credit union that retained certification during the previous recertification year and has an application for recertification submitted by Sept. 30.
As CUToday.info has reported, the CDFI Fund will pause accepting applications from Oct. 1 to April 1, 2023.
‘We Implore You’
“This temporary provisional status should allow these credit unions to continue serving their previously approved target markets and collect grants and awards through the completion of the application moratorium,” the letter reads. “Credit unions are the exact types of community financial institutions perfectly suited to use these funds to reach the neediest communities in America. We believe that this is in line with Congressional intent. We again implore you to help your community credit unions bring the relief that Congress intended.”
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