NAFCU launches CDFI Working Group
NAFCU has launched a new working group for member credit unions focused on Community Development Financial Institutions (CDFIs). The group held its inaugural meeting Thursday to discuss recent updates, including the status of the CDFI Fund’s new application and ongoing blackout period.
During the meeting, participants reviewed proposed changes to the CDFI Certification Application; NAFCU has raised concerns to the CDFI Fund and lawmakers that the changes will restrict access to the fund and its resources. Earlier this year, the fund indefinitely delayed the release of the new application as it attempted to work through revisions after public comment.
In addition, President Joe Biden’s proposed 2024 budget included increased funding for the CDFI Fund, as well as money for the CDFI Bond Guarantee Program and Community Development Revolving Loan Fund. Lawmakers are currently holding appropriations hearings to consider allocations; NAFCU noted that there are opportunities to further engage lawmakers on application and process concerns and the need for funding.
The CDFI Fund is currently in a blackout period and not accepting CDFI applications while it works on the revisions. The fund provided FAQs for the blackout period, which announced that organizations seeking certification for the first time prior to the blackout period will now be required to submit a new application within 12 months to demonstrate compliance to the new policies.
The working group Thursday discussed the impact of this delay on funding, and the potential impact of and concerns with the new application. The group also reviewed issues with the Emergency Capital Investment Program (ECIP) loans; the Treasury Department closed the most recent round of ECIP applications at the end of February. NAFCU encourages any interested CDFI credit unions to join the working group, email our Senior Associate Director of Legislative Affairs Lewis Plush (email@example.com) to join the group.
Add to Calendar 2024-02-28 09:00:00 2024-02-28 09:00:00 Navigating the Threat of Social Engineering and Misinformation Listen On: Key Takeaways: [1:01] What is threat intelligence, and why is it important to CUs? [2:14] What are threat intelligence feeds, and what role do they play in strengthening CUs? [4:41] Leveraging threat feeds and integrating intelligence into tools is crucial. [6:35] Learn what threat CUs should be most concerned about. [7:39] Phishing is ever-evolving, and user awareness is critical. [10:43] Learn how Defense Storm uses feeds to protect its customers. [13:28] Threat intelligence is not as complicated as some think; initiation can be easy through Slack, discussions, and a reporting culture. Web NAFCU firstname.lastname@example.org America/New_York public
Add to Calendar 2024-02-27 14:00:00 2024-02-27 14:00:00 Risk Management & Modernization: Bridging the “GAP” on Refunds About the Webinar Join Allied Solutions’ John Elias and Peter Krall as they provide timely insights into the regulatory landscape, and strategic approaches to navigate the complexities of refunds on VPPs like that of GAP waivers on vehicle loan servicing contracts, ensuring compliance and maintaining a commitment to members' financial well-being. Key takeaways: Market conditions and insights into regulatory oversight Innovations for future-proofing your credit union by mitigating refund-related risks Market projections and implications Register Here Web NAFCU email@example.com America/New_York public
Consumer Lending, Indirect Lending
Triad Financial Services
Add to Calendar 2024-02-22 14:00:00 2024-02-22 14:00:00 Retaining Key Positions During Mergers and Acquisitions About the Webinar Previously credit union merger and acquisition activity was more on the acquisition side, with a larger credit union acquiring a much smaller credit union. While this is still taking place, we’re starting to see more mergers of equals where two sizeable credit unions are unifying into a much larger credit union. This poses both retention opportunities and risks within the leadership team. This webinar explores strategies to retain key positions during a critical time. Identify retention risk and impact in current and future leadership positions Assess retention risk and impact to operations Learn about potential retention expenses before and after the merger Register Here Web NAFCU firstname.lastname@example.org America/New_York public
Get daily updates.
Subscribe to NAFCU today.