Newsroom
February 21, 2017
Input due Monday on CDFI certification process
NAFCU is asking for members' input by Feb. 27 on the Community Development Financial Institutions Fund's request for information on the CDFI designation process.
The fund is exploring ways to enhance this process and reevaluates its criteria for CDFI eligibility. Credit unions can comment via NAFCU's Regulatory Alert. Comments are due to the CDFI Fund by March 10.
Credit unions that have NCUA's low-income designation share many of the qualifications required for CDFI certification. A credit union must be CDFI-certified to apply for the fund's grants.
Last year, the NCUA and Treasury signed a memorandum of understanding to facilitate increased credit union involvement in the CDFI Fund, with the aim of doubling the number of CDFI-certified credit unions. NAFCU staff met with CDFI Fund officials last week to discuss the request for input, and has been in communication with the NCUA's Office of Small Credit Union Initiatives since last June to discuss the partnership.
The CDFI Fund is requesting specific feedback on each of the CDFI eligibility criteria and general ideas on how it can better meet its overall goals.
The fund is exploring ways to enhance this process and reevaluates its criteria for CDFI eligibility. Credit unions can comment via NAFCU's Regulatory Alert. Comments are due to the CDFI Fund by March 10.
Credit unions that have NCUA's low-income designation share many of the qualifications required for CDFI certification. A credit union must be CDFI-certified to apply for the fund's grants.
Last year, the NCUA and Treasury signed a memorandum of understanding to facilitate increased credit union involvement in the CDFI Fund, with the aim of doubling the number of CDFI-certified credit unions. NAFCU staff met with CDFI Fund officials last week to discuss the request for input, and has been in communication with the NCUA's Office of Small Credit Union Initiatives since last June to discuss the partnership.
The CDFI Fund is requesting specific feedback on each of the CDFI eligibility criteria and general ideas on how it can better meet its overall goals.
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