NEW YORK — The U.S. Treasury Department's Community Development Financial Institutions Fund should streamline its procedures for certifying financial institutions as CDFI's and so help more CUs become recognized as CDFIs, according to the National Federation of Community Development Credit Unions.

The Federation made its comments in response to a request for comments that the Fund made as part of its periodic review of its procedures and the organization faulted the Fund's existing procedures for some of the reason few CUs have become certified as CDFI's.

"The Federation is dismayed that only slightly more than 100 credit unions have sought and obtained CDFI certification," the Federation wrote in its comment. "Barely one third of the Federation's own membership of low-income credit unions–most of which would undoubtedly qualify–have seen fit to seek or renew their certification. While there are various reasons for this, we think that this unsatisfactory level of participation must be at least in part a result of the procedures the Fund has previously employed," the Federation added.