In October, the Community Development Financial Institutions Fund (CDFI Fund) provided a preview of the revisions to the new CDFI Certification Application. The CDFI Fund published the preview in advance of the Office of Management and Budget (OMB) releasing the updated application for a final round of public comment.
The revised CDFI Certification Application is now available for a final round of public comment. View the Federal Register notice for the full request for public comment and instructions on how to submit feedback. Comments must be submitted by December 5, 2022 to be considered. This will be the last opportunity for public input on the revised CDFI Certification Application and reporting requirements before they are implemented in April 2023.
Request for Comment: CDFI Certification Application (Federal Register Notice)
PLEASE NOTE: Several of the proposed revisions will have a significant impact on the ability of Native CDFIs to secure and retain Treasury certification. It is critical that Native CDFI leaders share their concerns during this webinar about these proposed revisions, which include:
- Any Applicant engaging in the following practices will be ineligible for CDFI Certification: offering mortgage loan products that include interest-only payments or balloon payments, or that carry an original maximum term longer than 30 years.
- Native CDFIs will now have to abide by federal regulations when pricing loans
- Significant changes to consumer and small business disclosures and the financing entity test
To read the full overview of the CDFI Certification Application preview, please visit the News & Events section of the CDFI Fund website. The documents on preview are also available at the links below. For more information about the CDFI Fund’s work on the CDFI Certification Application and reporting processes, click here.
- CDFI Certification Application (For Preview Purposes Only)
- CDFI Certification Application Agreement (For Preview Purposes Only)
- CDFI Certification Application: Overview of Final Revisions and Modifications
- CDFI Certification Application & Data Collection Reporting Revisions Web Page
- Proposed Pre-Approved Target Market Assessment Methodologies
- Minority Lending Institution Designation
- Webinar Slides
A recording of the webinar is below:
Please send comments to: Lisa Wagner ([email protected]), Pete Upton ([email protected]), Blaine Rasmuson ([email protected]), Ian Record ([email protected]).