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Certified Community Development Financial Institution (CDFI) credit unions with pending submissions or cure period requirements are considered certified until the CDFI Fund provides official notification of change or termination of status, the Fund said in a statement.
“Most importantly, CDFIs with pending Annual Certification and Data Collection Reports submissions or cure period requirements are considered to be Certified CDFIs, until such times the CDFI Fund provides official notification of a change or termination in their Certification status,” the statement reads.
This comes after CUNA, Leagues, and credit unions have engaged with the CDFI Fund, and members of Congress, to call on the fund to offer provisional certification status for CDFIs facing these questions.
CDFI credit unions have reported significant challenges regarding the application process in recent months, and the CDFI Fund will pause accepting new applications for six months starting Oct. 1.
“We’re glad to see some clarity for these CDFIs—and the communities they serve—to keep these funds flowing to where it’s needed the most,” said CUNA President/CEO Jim Nussle. “CDFIs serve communities that are among the hardest hit by the pandemic and its economic effects, and these funds are needed to continue their recovery.”
The CDFI Fund issued guidance earlier this month, only 17 business days before the application freeze.