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NAFCU’s CDFI working group meets, discusses continued challenges
NAFCU’s working group for member credit unions focused on Community Development Financial Institutions (CDFIs) met Thursday to discuss challenges with and hear testimonials about coming into compliance with the fund’s new application.
Earlier this 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.
The group discussed the CDFI Fund Transparency Act – which aims to amend the Riegle Community Development and Regulatory Improvement Act to require the Treasury Secretary or their designee to testify about the CDFI Fund before both the House Financial Services Committee and the Senate Banking Committee annually. The group also discussed the Scaling Community Lenders Act, which would establish a secondary market for many CDFI loan products.
The association will continue to engage the CDFI Fund, lawmakers, and credit union members both independently and as part of the CDFI Fund Coalition on these issues. NAFCU encourages any interested CDFI credit unions to join the working group by e-mailing the association’s Senior Associate Director of Legislative Affairs Lewis Plush (lplush@nafcu.org).