Newsroom
ICYMI: Community Development Advisory Board convenes on CDFI application process, blackout period, more
The Community Development Advisory Board Tuesday continued discussions around the new Community Development Financial Institution (CDFI) Certification Application, which was postponed indefinitely in January. The agency plans on revising the version released for public comment in November.
During the meeting, CDFI Fund Director Jodie Harris, who last week announced that she will step down from her position at the end of April to serve as President of the Philadelphia Industrial Development, flagged that the fund was changing the certification process as a result of the increase of CDFIs. Harris also noted that the certification policy has not been revised since 1994.
The agency has received over 270 letters in response to its request for comment (RFC) on the CDFI certification application process. Several comments were in response to changes in products and services as well as the removal of the NCUA low-income designation qualifier.
NAFCU highlighted several comments from member credit unions prior to the meeting, raising concerns around needing more transparency and communication from the fund regarding the certification process. The association also shared opposition to the proposed changes to the CDFI certification standards and joined with other trades to raise concerns to lawmakers. NAFCU President and CEO Dan Berger met with Rep. Maxine Waters, D-Calif., earlier this year to highlight that the proposed changes to the application will restrict access to the fund and its resources.
Of note, the CDFI Fund recently issued updates on its Frequently Asked Questions (FAQs) for the CDFI Certification Blackout Period, announcing that organizations seeking certification for the first time prior to the blackout period will now be required to submit a new application within 12 months to demonstrate compliance to the new policies.
The agency anticipates completing pending certification applications and target market modification application evaluations by the end of April. There may, however, be delays in delivering determinations to some organizations; questions related to the evaluation of a pending application can be submitted through an AMIS Service Request, more information can be found on the CDFI Fund’s website.
NAFCU will continue to heighten CDFI advocacy efforts on behalf of credit unions.
Share This
Related Resources
Add to Calendar 2024-06-26 14:00:00 2024-06-26 14:00:00 Gallagher Executive Compensation and Benefits Survey About the Webinar The webinar will share trends in executive pay increases, annual bonuses, and nonqualified benefit plans. Learn how to use the data charts as well as make this data actionable in order to improve your retention strategy. You’ll hear directly from the survey project manager on how to maximize the data points to gain a competitive edge in the market. Key findings on: Total compensation by asset size Nonqualified benefit plans Bonus targets and metrics Prerequisites Demographics Board expenses Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public
Gallagher Executive Compensation and Benefits Survey
preferred partner
Gallagher
Webinar
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 The Evolving Role of the CISO in Credit Unions Listen On: Key Takeaways: [01:30] Being able to properly implement risk management decisions, especially in the cyber age we live in, is incredibly important so CISOs have a lot of challenges here. [02:27] Having a leader who can really communicate cyber risks and understand how ready that institution is to deal with cyber events is incredibly important. [05:36] We need to be talking about risk openly. We need to be documenting and really understanding what remediating risk looks like and how you do that strategically. [16:38] Governance, risk, compliance, and adherence to regulatory controls are all being looked at much more closely. You are also seeing other technology that is coming into the fold directly responsible for helping CISOs navigate those waters. [18:28] The reaction from the governing bodies is directly related to the needs of the position. They’re trying to help make sure that we are positioned in a way that gets us the most possibility of success, maturing our postures and protecting the institutions. Web NAFCU digital@nafcu.org America/New_York public
The Evolving Role of the CISO in Credit Unions
preferred partner
DefenseStorm
Podcast
AI in Action: Redefining Disaster Preparedness and Financial Security
Strategy
preferred partner
Allied Solutions
Blog Post
Get daily updates.
Subscribe to NAFCU today.