June 21, 2023

CDFI Fund: NAFCU calls for accountability; reminder for report deadlines

US Capitol buildingThe Senate Banking Committee is set to markup legislation today, and one of the amendments filed is a NAFCU-sought requirement for the Community Development Financial Institutions (CDFI) Fund director to testify annually before Congress.

The CDFI Fund is currently in a blackout period and is not accepting new applications while it revises the certification application and process. Last month, the fund released an update on where revisions to the application stand, stating it expects to begin accepting new certification applications in the fall of 2023. 

NAFCU has repeatedly called for clear communication and transparency from the fund, specifically in light of the fund’s continued blackout period for its application process.

In a letter in support of the amendment from Sen. Steve Daines, R-Mont., NAFCU Vice President of Legislative Affairs Brad Thaler said the fund’s delayed application revisions and lack of communication “is harmful to underserved and low-income communities across the country.”

The association also raised concerns to lawmakers and Treasury Secretary Janet Yellen last week, and will continue to support efforts to hold the fund accountable and ensure CDFI credit unions can effectively participate in the fund and access its resources.

In addition, the fund sent a reminder about upcoming report deadlines related to the Annual Certification and Data Collection Report (ACR) and awards.

The reminder is specifically for those with award, assistance, allocation agreements, and ACRs with a due date of June 30. Due dates can be found in their respective Reporting Schedules in AMIS.

The fund noted due dates to submit annual compliance reports vary by fiscal year end date and type of award, as well as by the specific terms within each organization's individual award, assistance and/or allocation agreement(s). ACRs also vary by fiscal year end date; for the 2023 reporting cycle, all certified CDFIs, regardless of their certification date, are required to submit an ACR.