The U.S. Treasury Department’s Community Development Financial Institutions Fund has released a revised CDFI certification application which incorporates many changes the Credit Union National Association (CUNA) and the National Association of Federal Credit Unions (NAFCU) called for throughout the public comment process.
In November 2022, the revised certification application was released for a final round of public comments, followed by an updated Annual Certification and Data Collection Report (ACR) and abbreviated Transaction Level Report (TLR) in December 2022. The CDFI Fund received more than 290 comment letters from credit unions and several other stakeholders.
The application and related tools have been considerably revised. The following overview of changes is available in the “Related Materials” section:
Credit unions that are CDFI-certified as of December 20, 2023 must apply for recertification within one year from that date, which allows for a grace period of up to one year. Also, the fund will implement a one-time process change to allow organizations with pending certification applications to apply in the Fiscal Year 2024 round.
