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February 13, 2017
NCUA opens CDFI certification application period
The NCUA on Monday opened its first streamlined application round for Community Development Financial Institutions Fund certification. The first 2017 application round will run through March 17.
The second application round will run May 1 through May 26, and the third will run Aug. 7 through Sept. 1.
Credit unions that have the agency's low-income designation share many of the qualifications required for CDFI certification. Through the streamlined certification process, low-income-designated credit unions can submit data on loan originations and target markets to the NCUA's Office of Small Credit Union Initiatives. If the NCUA deems the credit union qualified, the agency will give the credit union an application form and the necessary data to complete it.
The CDFI Fund is run by the Treasury Department. Last year, the NCUA and Treasury signed a memorandum of understanding to facilitate increased credit union involvement in the fund, with the aim of doubling the number of CDFI-certified credit unions. NAFCU staff met with the NCUA's Office of Small Credit Union Initiatives in June to discuss the partnership.
In related news, industry stakeholders are being asked to comment on the CDFI designation process as the fund explores 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.
In January, NAFCU hosted a webcast on the benefits of certification and how the application process works.
The second application round will run May 1 through May 26, and the third will run Aug. 7 through Sept. 1.
Credit unions that have the agency's low-income designation share many of the qualifications required for CDFI certification. Through the streamlined certification process, low-income-designated credit unions can submit data on loan originations and target markets to the NCUA's Office of Small Credit Union Initiatives. If the NCUA deems the credit union qualified, the agency will give the credit union an application form and the necessary data to complete it.
The CDFI Fund is run by the Treasury Department. Last year, the NCUA and Treasury signed a memorandum of understanding to facilitate increased credit union involvement in the fund, with the aim of doubling the number of CDFI-certified credit unions. NAFCU staff met with the NCUA's Office of Small Credit Union Initiatives in June to discuss the partnership.
In related news, industry stakeholders are being asked to comment on the CDFI designation process as the fund explores 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.
In January, NAFCU hosted a webcast on the benefits of certification and how the application process works.
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