WASHINGTON–The Community Development Financial Institutions Fund said supplemental guidance information is now available related to the CDFI cure period.
As CUToday.info has reported, the CDFI Fund has announced that effective Oct. 1 it is implementing a blackout period for six months to prepare for the launch of the revised CDFI Certification Application and reporting requirements. The blackout period is partly in response to slowdowns in CDFI certification approvals, an issue on which the credit union trade groups have been regularly meeting with the CDFI Fund and Treasury.
“During this time, community development financial institutions are required to maintain a state of good standing with respect to their CDFI certification status,” the CDFI Fund said in announcing its new guidance. “CDFIs currently in a certification cure period related to an Annual Certification and Data Collection Report (ACR) for the 2021 or 2022 reporting year are obligated to adhere to the specific deadlines and deliverables associated with that cure requirement. Failure to do so can result in a loss of certification during the blackout period.”
For that reason it said it has released the guidance to assist CDFIs in fulfilling Certification-related cure period requirements.
Updated Guidance Information
The CDFI Fund has published a CDFI Certification Cure Period Frequently Asked Questions (FAQs) guide to inform CDFIs in a cure period how to resolve Certification-related deficiencies. The FAQs are now available on the CDFI Certification Application and Data Collection Reporting Revisions page, according to the Fund.
The CDFI Fund has also published specific Certification-related cure period worksheets, and held a conference call on Aug. 10, 2022, for CDFIs in an ACR-related cure period, a recording of which is available here.
CDFI Cure Submission Deadlines
For CDFIs in a cure period, the CDFI Fund noted it recently extended certain deadlines to submit information demonstrating the cure is fulfilled. For those organizations that received their first/initial Certification Cure Period Notification via email dated:
June 2022: the deadline to comply with cure requirements was extended to Sept. 30, 2022.
For those with a deadline of July or August, 2022, the deadline to comply with cure requirements was extended to Oct. 23, 2022.
The next CDFI Certification Conference Call is scheduled for Sept. 15, 2022 at 3:00 pm ET. The phone number is 800-621-8598, the passcode is 231183. No prior registration is necessary.
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