Washington, D.C. (Dec. 7, 2023)—Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on today’s Treasury Department and Community Development Financial Institutions Fund announcement on revisions to the CDFI certification application.
“While ICBA reviews today’s final changes to CDFI certification standards, we thank Treasury and the CDFI Fund for their engagement with ICBA and CDFIs throughout this multi-year process, including by delaying the launch of the updated application earlier this year.
“ICBA and CDFIs appreciate that the final certification application incorporates industry-requested changes to the proposal, such as removing the prohibition on balloon loans and other restrictions on consumer loan products. However, we remain concerned with provisions that would restrict access to credit for certain populations, especially those in rural areas or in need of small-dollar products.
“ICBA will continue working with CDFI banks in the coming weeks to fully understand the impact of these final changes and to continue working with the CDFI Fund, Treasury, and Congress to ensure the revisions are not detrimental to community banks and the communities they serve.”
The Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation’s community banks through effective advocacy, education, and innovation.
As local and trusted sources of credit, America’s community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers’ financial goals and dreams. For more information, visit ICBA’s website at icba.org.