WASHINGTON--The effective date for a new Community Development Financial Institutions (CDFI) Fund small business disclosure policy is now pushed back two years to fall of 2028, America's Credit Unions noted.
The U.S. Department of Treasury announced Friday it was extending the start date to begin implementing small business loan product disclosures to borrowers for CDFI Certification Applicants and currently Certified CDFIs from Oct. 1, 2026, to Oct. 1, 2028.
Credit unions that want to maintain CDFI certification must submit in writing that it has disclosed key points for each of its small business loan products: including the periodic payment due, the total amount to be repaid over the life of the loan, the total finance charges over the life of the loan, and the annual percentage rate of the loan, ACU noted.
The new small business disclosure policy was initially outlined in the Treasury’s final revised CDFI Certification Application released in December, 2023. The CDFI Fund’s updated guidance materials are available at www.cdfifund.gov/cdficert under Step 2: Application Process.