The Community Development Financial Institutions Fund is slated to host a live webinar at 1:30 p.m. (Eastern time) today on its recently revised CDFI certification application.
Webinar Details: The webinar is available to join via the CDFI Fund website. Advance registration for the webinar is not required to participate, but the CDFI Fund asked participants to join the webinar at least five minutes prior to the start time.
Revised Application: The revised application released last week includes substantial modifications to its Basic Information, Legal Entity, Primary Mission, Financing Entity, Target Market, Development Services, and Accountability sections. All currently certified CDFIs must reapply for CDFI certification using the revised application between Aug. 1 and Dec. 20, 2024.
ICBA-Advocated Changes: Following persistent ICBA advocacy, the CDFI Fund excluded from the application ICBA-opposed provisions that would have rescinded CDFI certification for banks that originate balloon mortgages. ICBA has repeatedly met with members of Congress and Treasury Department officials to reiterate its opposition to these proposed changes, which led lawmakers to urge the CDFI Fund to consider stakeholder concerns.
ICBA Response: In a news release, ICBA said it appreciates that the final certification application incorporates industry-requested changes to the proposal, though it remains concerned with provisions that would restrict access to credit for certain populations, especially those in rural areas or in need of small-dollar products.
