Treasury seeks stronger CDFI eligibility standards

Published by: Sean Brown

December 14, 2022 | Political Action, Regulatory

Credit unions often leverage government partnerships to either offer specialized services or extend services to members who need them most. While these partnerships help credit unions meet their mission of serving unmet financial needs, proposed changes could put how credit unions participate in the Community Development Financial Institution (CDFI) program at risk. When the U.S. Treasury Department proposed CDFI Certification Application changes, the League engaged current CDFI credit unions and commented on the negative impact the proposed changes could pose for many currently qualified credit unions.

Additionally, the U.S. Treasury is looking to make changes to the CDFI Target Market Methodologies used by credit unions to demonstrate their eligibility. The League is currently working with Ohio CDFIs to evaluate the proposal for additional advocacy efforts.

Contact Sean Brown for questions or assistance.

Sean Brown
Sean Brown Director, Regulatory Affairs E: sbrown@ohiocul.org
Contact Us

Other Movement News

Government Affairs

Members connect with U.S. Senator J.D. Vance

Credit union advocacy strength is built by the willingness of Ohio credit unions to go above and beyond to advocate for 3.2 million members. Last week, dozens of credit union leaders joined the League for a meeting with U.S. Senator J.D. Vance (R-Ohio) to discuss the successes and challenges facing credit unions and their members in his home state.
Regulatory

Are you keeping up with recent changes to regulatory laws and regulations?

As we start a new year, it is essential that credit unions have a review process for policies and procedures. As the financial industry evolves, so should the resources and guidelines that the credit union follows. As part of your annual League membership, making these updates is more accessible than ever.
Member Benefits

Three tips to assist your members in reaching their financial goals

February is a great time to check how those New Year's Resolutions are doing. Assist your members with plans to reach short and long-term financial goals by downloading the February Monthly Marketing Toolkit, a complimentary resource as part of your League membership, which provides tips to share with your members. This toolkit from the League each month provides timely, basic, helpful content to use in your credit union's communication channels (newsletters, websites, blogs, social media, etc.).