U.S. Department of Treasury building in Washington, D.C. (Source: Shutterstock)
The Community Development Financial Institutions (CDFI) Fund announced Thursday that it has postponed its unveiling of the new CDFI Certification Application process that was set to roll out April 3, 2023.
The fund initiated a six-month blackout period for applications in October 2022. According to the CDFI Fund, the blackout period will continue for an undetermined time.
Officials with CUNA and NAFCU praised the organization's pause as both groups have raised their concerns of the damaging impact the new process could have on numerous credit unions.
A statement from the CDFI Fund said it "has been deliberate in its efforts to update the CDFI Certification process and will continue with that approach by carefully reviewing all public comments received in response to the latest request for public comments. While a lengthy delay should not be necessary, the time needed to deliberate on these comments and further adjust the Application materials will require the CDFI Fund to postpone the launch of the new Application and its associated reporting tools beyond the previously anticipated April timeline."
The statement added, "During this period, the CDFI Fund's current pause on CDFI Certification Application submissions will continue to remain in effect."
In a post on its website, NAFCU stated, "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 to the proposed changes to the CDFI certification standards and has joined with other trades to raise CDFI concerns to lawmakers. In addition, NAFCU successfully advocated for an increase to funding for the CDFI Fund and report language that directs the CDFI Fund to listen to stakeholders regarding its new application process in the omnibus spending package last year."
Wednesday morning, CUNA emailed a statement from President/CEO Jim Nussle, who was pleased with the delay.
"We thank the CDFI Fund for hearing our concerns that the proposed changes would significantly undermine efforts of CDFIs to meet the needs of low-income and distressed communities. We are pleased they are open to making changes to the application in response to the significant feedback the Fund received. However, such drastic policy changes deserve a transparent and open formal rulemaking process, and we look forward to engaging with the CDFI Fund as this process continues."
In November, the CDFI Fund proposed new changes to the application process and called for public comments that were due on Dec. 19. According to a statement from the CDFI Fund, staff members are currently in the process of cataloguing and reviewing those comments.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
