CUNA has several concerns with the Treasury’s Community Development Financial Institutions (CDFI) Fund’s proposed Target Market Assessment Methodologies, particularly some that are likely violations of the Equal Credit Opportunity Act and Regulation B.
The Treasury’s Community Development Financial Institutions (CDFI) Fund’s proposed certification application contains multiple provisions that would inappropriately exclude credit unions doing good work, CUNA wrote to the CDFI Fund Monday.
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.
Confusion over Community Development Financial Institution (CDFI) certification for credit unions is costing communities in need valuable resources, CUNA President/CEO Jim Nussle wrote in Credit Union Times.
The Community Development Financial Institutions Fund (CDFI) will host an informational conference call for CDFIs currently in a Certification cure period related to the submission of a 2021 or 2022 Annual Certification and Data Collection Report (ACR). The call is scheduled for 3 to 4 p.m. ET, on August 10.
The CDFI Fund will pause acceptance of new CDFI certification applications and requests for Target Market modifications for six months, starting Oct. 1. It will resume accepting new application submissions and requests on April 3, 2023.
CDFI credit unions have until August 23 to apply for grants under the CDFI Fund’s Equitable Recovery Program. The CDFI Fund is making $1.73 billion available to serve communities that better access to financial services and were disproportionately affected by the COVID-19 pandemic.
Credit unions seeking resources for community development investments are encouraged to participate in a June 2 webinar hosted by NCUA and the Community Development Financial Institutions Fund. This webinar is available at no cost and will run approximately 90 minutes.