WASHINGTON—The Treasury Department’s Community Development Financial Institution (CDFI) Fund is being told it should not impose “burdensome” reporting requirements on FIs.
The comments were included in a comment letter sent by NAFCU as part of the CDFI Fund’s request for comment regarding its Annual Certification and Data Collection Report (ACR) Form and the Abbreviated Transaction Level Report (TLR).
While the trade association said it supports the submission of data to ensure certified CDFIs, including credit unions, are fulfilling their mission of serving the underserved, NAFCU also wrote that it opposes imposing “burdensome reporting requirements” on institutions already lacking sufficient resources.
NAFCU Senior Regulatory Affairs Counsel Aminah Moore noted in the letter that NAFCU is supportive of the CDFI Fund heeding comments to eliminate a separate Certification Transaction Level Report and expanding the use of call report data to populate sections of the TLR.
Alignment Supported
The association said it is also supportive of aligning the deadline for the ACR with the TLR, which is within 180 days after the end of the fiscal year.
However, Moore shared opposition to creating a “pre-certification process” and decertifying CDFIs based on their product and service offerings, especially as several CDFIs have already been decertified with little to no notice.
As CUToday.info reported, the CDFI Fund recently announced the postponement of the new CDFI Certification Application with plans to revise the version based on public feedback; no updated timeline for the application’s release has been announced.
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