September 29, 2023

NAFCU, trades discuss CDFI application delay with Rep. Waters, Treasury staff


NAFCU Senior Vice President of Government Affairs Greg Mesack, Vice President of Legislative Affairs Brad Thaler, and representatives from several financial trade organizations met with House Financial Services Committee Ranking Member Maxine Waters, D-Calif., and senior staff from the Treasury Department and Community Development Financial Institutions (CDFI) Fund Thursday to discuss the fund’s work to revise its application.

During the meeting, NAFCU and CUNA detailed ways to improve the CDFI Fund’s Certification Application and Certification Agreement as the fund continues to work through revisions to the application and process.

NAFCU has consistently raised credit unions’ concerns related to the CDFI Fund’s delay to its certification application, including concerns that revisions could make it more difficult for small and minority depository institution (MDI) credit unions to become certified and the potential loss of certification status without the opportunity to requalify. The association has also called on lawmakers to support legislation to increase CDFI transparency and fully fund the CDFI Fund through the appropriations process.

The association will continue to advocate for transparency and accountability from the CDFI Fund.