Newsroom
NAFCU comments on CDFI reporting
NAFCU Senior Regulatory Affairs Counsel Aminah Moore Friday submitted a response to the Community Development Financial Institution (CDFI) Fund’s request for comment regarding its Annual Certification and Data Collection Report (ACR) Form and the Abbreviated Transaction Level Report (TLR). While NAFCU supports the submission of data to ensure certified CDFIs, including credit unions, are fulfilling their mission of serving the underserved, the association is against imposing burdensome reporting requirements on institutions already lacking sufficient resources.
Moore noted that NAFCU is supportive of the CDFI Fund heeding comments to eliminate a separate Certification Transaction Level Report and expanding the use of call report data to populate sections of the TLR. The association is also supportive of aligning the deadline for the ACR with the TLR, which is within 180 days after the end of the fiscal year.
However, Moore shared opposition to creating a “pre-certification process” and decertifying CDFIs based on their product and service offerings, especially as several CDFIs have already been decertified with little to no notice.
Last week, NAFCU President and CEO Dan Berger and members of the CDFI Fund Coalition spoke with Rep. Maxine Waters, D-Calif., to stress NAFCU-member CDFIs’ desire to help their communities and to voice their concerns that the proposed changes to the application will restrict access to the fund and its resources.
The CDFI Fund recently announced the postponement of the new CDFI Certification Application with plans to revise the version based on public feedback; no updated timeline for the application’s release has been announced. NAFCU has consistently engaged the CDFI Fund throughout this process, calling for more transparency and communication with CDFI credit unions. The association also shared its opposition of the proposed changes to the CDFI certification standards and has joined with other trades to raise CDFI concerns to lawmakers.
Read the letter. The association will continue to engage the CDFI Fund, lawmakers, and other stakeholders on the application process. Stay tuned to NAFCU Today for the latest on this topic.
Share This
Related Resources
Add to Calendar 2024-04-24 14:00:00 2024-04-24 14:00:00 Optimize Liquidity, Maximize Loan Growth: The Network Lending Advantage About The Webinar Join us to learn more about network lending, a cooperative model allowing credit unions to optimize liquidity and achieve loan growth. Discover how credit unions can participate in loan pools with other institutions, allowing them to diversify portfolios, access loans with potentially lower risk and higher yields, and expand lending capacity without necessarily needing a surge in deposits. Delve into how credit unions can pool their resources, set common underwriting and pricing standards, and collectively originate, buy, and sell loans to optimize liquidity management. Hear from your peers about best practices, case studies, and practical strategies to harness the full potential of network lending and how it's helped their credit unions. Don't miss this valuable opportunity to learn how to strengthen your credit union's position in today’s competitive environment. Key Takeaways: How network lending differs from traditional lending The benefits of participating in loan pools with other credit unions How credit unions can set common underwriting and pricing standards and collectively originate, buy and sell loans to optimize liquidity management Why network lending is critical to loan growth Register Here Web NAFCU digital@nafcu.org America/New_York public
Optimize Liquidity, Maximize Loan Growth: The Network Lending Advantage
preferred partner
LendKey
Webinar
Add to Calendar 2024-04-23 14:00:00 2024-04-23 14:00:00 Monitoring the Latest Litigation Risks Credit unions’ operations pose litigation risks, with more of these cases being filed as class action lawsuits. In this Monitoring the Latest Litigation Risks for Credit Unions webinar, you’ll review some of the specific kinds of lawsuits impacting credit unions and what potential claims could be on the horizon. You’ll also examine some options for mitigating risks. Key Takeaways Review the current lawsuit trends. Understand the potential claims risks Explore options for mitigating risks. Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until April 23, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCRMs will recieve 1.0 CEUs for participating in this webinar NCCOs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Monitoring the Latest Litigation Risks
Credits: NCCO, NCRM
Webinar
Resiliency In Your Incident Response Plan
Cybersecurity
preferred partner
DefenseStorm
Blog Post
The Bottom Line on Insurance Tracking and Collateral Protection
Strategy
preferred partner
Allied Solutions
Blog Post
Get daily updates.
Subscribe to NAFCU today.