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 2024-05-03 14:00:00 2024-05-03 14:00:00 Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing About the Webinar In January 2024, Pentegra conducted a survey of retirement plan sponsors and their perspectives on retirement plan management and fiduciary outsourcing. The survey measured how sponsors are using fiduciary outsourcing to help better manage their retirement plans. It also captured their perspectives on what outsourcing does to help them better position their plans and drive improved retirement plan outcomes. Key Takeaways: What is the full scope of your responsibilities as a plan sponsor? What is fiduciary outsourcing and how does it work? How does fiduciary outsourcing help reduce workloads and minimize risk? How can a credit union best position its plan to drive improved outcomes? Register Here Web NAFCU digital@nafcu.org America/New_York public
Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing
preferred partner
Pentegra
Webinar
Ensuring Safety and Soundness with AI
Management, Consumer Lending, FinTech
preferred partner
Upstart
Blog Post
Turning Lemons into Lemonade: Capitalizing in a Post-Banking Crisis Era
Strategy
preferred partner
Allied Solutions
Blog Post
Add to Calendar 2024-05-02 14:00:00 2024-05-02 14:00:00 Mastering Resilience in Incident Response Plans About the Webinar An Incident Response (IR) plan is crucial for guiding credit unions through major incidents efficiently and effectively. However, many IR plans lack resilience, making them less adaptable to the evolving threat landscape. Join us for our webinar Mastering Resilience in Incident Response Plans where DefenseStorm cyber experts Elizabeth Houser and James Bruhl will delve into the importance of resiliency within cybersecurity IR plans. Don’t miss out on the opportunity to learn how to: Ensure IR plan accessibility so that all team members with assigned roles are prepared for effective incident response. Conduct efficient and regular reviews to ensure roles and responsibilities are current, tools are relevant, and compliance requirements are met. Implement and utilize tabletops to regularly test the effectiveness of your IR plan. Enhance preparedness, efficiency, and confidence among responders. View On-Demand Web NAFCU digital@nafcu.org America/New_York public
Mastering Resilience in Incident Response Plans
preferred partner
DefenseStorm
Webinar
Get daily updates.
Subscribe to NAFCU today.