CUNA and the National Association of Federally-Insured Credit Unions (NAFCU) provided technical recommendations Friday on the Community Development Financial Institutions (CDFI) Fund’s Certification Application and Certification Agreement. The CDFI Fund has paused applications while it finalized a new Certification Application.

“As the Fund works to finalize the Certification Application, specific technical changes are required to ensure that regulated financial institutions, like CDFI credit unions, may continue to be certified as CDFIs and meet their communities’ needs for safe and affordable credit and transaction accounts,” the letter reads. “Multiple Congressional offices have requested specific, technical recommendations for changes to the proposed Certification Application and Agreement to ensure that credit union participation in the CDFI Program remains viable and vibrant.”

The technical recommendations were developed in cooperation with Inclusiv following ample research and engagement efforts. The letter was jointly provided with NAFCU as written statement to the Community Development Advisory Board in advance of their July 31st meeting. It was also shared with several Congressional offices.

The letter also notes that CDFI credit unions (518 out of 1,470 CDFIs as of July 16) effectively leverage CDFI Fund resources, lending $12 in their communities for every $1 in award funding.

CUNA supports a bipartisan House bill from Reps. John Rose, R-Tenn., and Brittany Pettersen, D-Colo., that would require Congressional testimony on the CDFI Fund’s operations and activities.