ARLINGTON, Va.–NAFCU is calling on the Treasury Department to streamline rules around its Community Development Financial Institutions (CDFI) program.
In a letter to Treasury, NAFCU Regulatory Affairs Counsel Kavitha Subramanian's said the association generally “supports” the new rules, but it would like to see Treasury “streamline its existing certification and reporting requirements which would make it easier for qualified credit unions to help communities around the country gain capital access and economic development.”
Noting that there are approximately 2,275 federally insured credit unions designated as “low income (LICUs), or more than one-third of all credit unions, Subramanian said that “NAFCU member credit unions have indicated that the current reporting requirements are often cumbersome, time consuming and duplicative. As Treasury reviews its current systems and certification process, NAFCU urges the agency to consider ways to modernize the current software, reporting requirements, and certification process.”