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.
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