CUNA, NAFCU respond to CDFI Fund certification recommendations

CUNA President/CEO Jim Nussle and NAFCU President/CEO Dan Berger issued a joint statement in response to the Community Development Financial Institution (CDFI) Fund’s Community Development Advisory Board’s Final and Approved CDFI Certification Recommendations adopted last week.

The board’s memorandum echoes concerns and recommendations regarding the proposed changes to the CDFI Fund’s Certification Application and Agreement jointly submitted by CUNA and NAFCU in advance of the meeting.

“We’re very pleased that the Community Development Advisory Board shares our concerns regarding the proposed Certification Application and Agreement and the potential for unintended consequences and negative impacts for communities served by CDFIs,” said Nussle and Berger. “We are equally pleased that Treasury and the CDFI Fund expressed that they welcome the work of the Application Subcommittee and the Community Development Advisory Board, which so closely mirrors our own recommendations.

“The value and reputation of the CDFI Certification is of critical importance to credit unions that hold it and to the communities they serve. CUNA and NAFCU applaud the CDFI Fund’s goal to protect the certification and the work the Fund has done in support of this goal. We hope that the recommendations provided by the Community Development Advisory Board, CUNA, NAFCU, and others will be adopted by the Fund as it moves towards finalization of its application. CUNA and NAFCU are pleased to have the opportunity to support the Fund’s efforts through submission of our concerns and recommendations. We look forward to continuing our support of the Fund on the Hill and partnering with the Fund to support its mission,” concluded Nussle and Berger.