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Back-to-back announcements from the Treasury's Community Development Financial Institution (CDFI) Fund on July 5 and 6 have credit union leaders wondering if the Fund is taking another look at credit union comment letters before sharing any new certification application updates.
To recap earlier events, the CDFI Fund released a preview of its highly controversial proposed application revisions in October 2022. In December 2022, CUNA commented formally that the CDFI Fund's proposed certification application changes would exclude "significant swaths" of credit unions. Interestingly, the CDFI Fund's current advisory board has a representative from every category of CDFI except credit unions.
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