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.
Federally insured, low-income credit unions seeking a Community Development Financial Institution (CDFI) certification can apply for NCUA’s streamlined qualification process between Sept. 12 and Oct. 15.
Federally insured, low-income credit unions seeking Community Development Financial Institution certification can apply to use NCUA’s streamlined qualification process beginning Jan. 24. The deadline for streamlined certification applications is April 3.
The proposed CDFI Certification Application is flawed and should be reconsidered, CUNA wrote to the Treasury Thursday. The Treasury’s CDFI Fund recently proposed potential revisions to the application as part of its ongoing review of policies and procedures.
Credit Union Magazine’s Fall 2022 issue highlights credit unions’ role in cryptocurrency, the state of digital assets, cannabis banking compliance, the human side of technology implementation, and involving the board in financial discussions.