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CUNA Senior Director of Advocacy and Counsel Elizabeth Sullivan posted initial analysis of the Community Development Financial Institution (CDFI Certification Application on CUNA’s Compliance Community. While it will take weeks to dig into the complete details, Sullivan notes that the application changes appear to be ultimately positive.
Credit unions about being unable to certify or inappropriately excluded appears to have been addressed, and CUNA do not anticipate significant numbers of credit unions being unable to certify as, as it was concerned with the proposed certification.
Sullivan’s post examines changes in the application, including addressing credit unions’ most important asks:
She also notes areas of continuing concern, breaks down deadlines and the grace period, and links to all materials provided by the CDFI Fund.
Credit unions that are currently CDFI certified have until Dec. 20, 2024 to apply for recertification under the new application. Credit unions not currently certified can apply as soon as AMIS reopens CDFI Certification Application on Dec. 20, 2023.
The Fund will conduct a webinar Dec. 13at 1:30 p.m. ET to discuss the live application.