CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Jobs
  • Contact

News

Home » CDFI Fund should simplify report requirements, align deadlines
Policy & Issues

CDFI Fund should simplify report requirements, align deadlines

November 28, 2022
CDFIFund

CUNA joined other community development organizations in a letter to Treasury’s Community Development Financial Institutions (CDFI) Fund calling simplified reporting requirements. The comments were sent in response to a request for feedback on the CDFI Fund’s Performance Progress Report, Financial Statement Audit Report, and Uses of Award Report forms.

“We encourage the CDFI Fund to take this opportunity to simplify its reporting requirements by combining similar forms into a single report and aligning reporting deadlines for reports that use the same underlying data,” the letter reads. “These three reports comprise a meaningful portion of the compliance requirements for CDFIs that participate in the CDFI Fund Technical and Financial Assistance, Rapid Response, Bank Enterprise Award, Native American Assistance, and Small Dollar Loan Programs.

The separate reporting deadlines needed for three discrete reports create confusion and add to the reporting burden of CDFI awardees. A few adjustments to the formats and reporting deadlines would reduce the reporting burden and support CDFIs in their efforts to provide timely and accurate data to the CDFI Fund,” it adds. ‘

The organizations note the Use of Award Report and Performance Progress Report are “both aggregate reports and should be combined into a single grant compliance summary report” that details how CDFIs used their awards and shows their progress toward performance goals.

“The current reporting deadline for the Performance Progress Report does not allow sufficient time for a full review of the previous year’s lending data and can result in CDFIs filing Performance Progress Reports that are not consistent with their Transaction Level Reports,” the letter reads. “This leads to anxiety among CDFI staff and less accurate data for the CDFI Fund.”

Credit Union Magazine: Winter 2022

Winter 2022

Credit Union Magazine’s Winter 2022 issue highlights data-driven marketing, the board’s role in cybersecurity, elder abuse scams, credit unions’ auto lending advantage, and more.
Digital Edition •  Subscribe

Trending

  • Reps introduce bipartisan Credit Union Board Modernization Act

  • Compliance: Experts analyze NCUA’s 2023 supervisory priorities

  • CFPB must convene SBREFA panel for credit card fee rulemaking

Tweets by CUNA_News

Polls

How do you feel about the economy in 2023?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us