WASHINGTON–The Community Development Financial Institutions Fund (CDFI Fund) is soliciting public comment regarding the criteria to designate a CDFI as a minority lending institution (MLI).
In making the announcement, Treasury noted that pursuant to Section 523 of Division N of the Consolidated Appropriations Act, 2021, an MLI is a CDFI that directs a majority of its financial products to minority populations or communities, and is either a minority depository institution, or it demonstrates accountability to minority populations.
“Although no federal funding will be associated with an MLI designation at this time, the CDFI Fund seeks to implement this designation for those CDFIs that wish to be recognized for their high levels of service and accountability to minority populations, as well as to identify barriers such CDFIs experience in providing access to capital,” Treasury said.
Upon implementation of the final MLI designation criteria, the CDFI Fund will utilize the designation for limited purposes, including data collection and reporting, according to Treasury.
Seeking ‘Beneficial’ Info
“Through this request for comment, the CDFI Fund seeks feedback from the public on certain aspects of the criteria and process the CDFI Fund will use to designate a CDFI as an MLI,” Treasury said. “The CDFI Fund also seeks any additional information that would be beneficial in establishing policies and procedures related to MLI designation.”
Treasury added the CDFI Fund will consider the feedback received through this request for comment prior to establishing a final definition and designation process.
Questions related to the Notice and Request for Public Comment can be directed to Jeff Merkowitz, senior advisor, CDFI Fund at MLI@cdfi.treas.gov.
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