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January 18, 2017
NAFCU seeks input by Feb. 25 on CDFI certification process
NAFCU needs members' input by Feb. 25 on the Community Development Financial Institutions Fund's request for information on the CDFI designation process as the fund explores ways to enhance this process and reevaluates its criteria for CDFI eligibility.
Credit unions can comment via NAFCU's Regulatory Alert, sent to members Wednesday. Comments are due to the CDFI Fund by March 10.
Credit unions that have NCUA's low-income designation share many of the qualifications required for CDFI certification. A credit union must be CDFI-certified to apply for the fund's grants.
Last year, the NCUA and Treasury signed a memorandum of understanding to facilitate increased credit union involvement in the CDFI Fund, with the aim of doubling the number of CDFI-certified credit unions. NAFCU staff met with the NCUA's Office of Small Credit Union Initiatives in June to discuss the partnership.
The CDFI Fund is requesting specific feedback on each of the CDFI eligibility criteria and general ideas on how it can better meet its overall goals.
Next week, credit unions can learn the benefits of being a CDFI-certified institution during NAFCU's Jan. 25 webcast. The webcast, which begins at 2 p.m. Eastern, will review the CDFI application process and help credit union viewers determine if a CDFI designation would help their members.
Credit unions can comment via NAFCU's Regulatory Alert, sent to members Wednesday. Comments are due to the CDFI Fund by March 10.
Credit unions that have NCUA's low-income designation share many of the qualifications required for CDFI certification. A credit union must be CDFI-certified to apply for the fund's grants.
Last year, the NCUA and Treasury signed a memorandum of understanding to facilitate increased credit union involvement in the CDFI Fund, with the aim of doubling the number of CDFI-certified credit unions. NAFCU staff met with the NCUA's Office of Small Credit Union Initiatives in June to discuss the partnership.
The CDFI Fund is requesting specific feedback on each of the CDFI eligibility criteria and general ideas on how it can better meet its overall goals.
Next week, credit unions can learn the benefits of being a CDFI-certified institution during NAFCU's Jan. 25 webcast. The webcast, which begins at 2 p.m. Eastern, will review the CDFI application process and help credit union viewers determine if a CDFI designation would help their members.
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