CDFI Certification Changes
Understanding the New CDFI Certification Changes
The CDFI Fund’s proposed revisions to the certification criteria are open for comment until December 5, 2022. These revisions include significant changes and address aspects of credit union operations that have never been included before. Some of these changes include:
Loan underwriting and features
Overdraft and NSF Services
The mission of affiliated CUSOs
Target Market lending and accountability requirements
These changes will affect all CDFIs, not just new certifications. The Fund has indicated that current CDFIs will have only one year to come into compliance with the new criteria once it’s finalized. It’s important that CDFIs start assessing now how the proposed changes will affect their organizations.
In this webinar from November 17, our team of CDFI experts explains the changes as well as how your credit union can best prepare and respond.