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The Community Development Financial Institutions Fund extended the application deadlines outlining when current CDFIs must reapply for CDFI certification using the revised version of the application.
Revised Application: The revised application released in December includes substantial modifications to its Basic Information, Legal Entity, Primary Mission, Financing Entity, Target Market, Development Services, and Accountability sections.
Updated Deadlines: Non-certified organizations that wish to apply for CDFI certification may do so at any time using the application that was revised in December. However, organizations that are currently certified CDFIs must reapply for certification by the updated deadlines.
Timeline: Instead of one reapplication deadline for all certified CDFIs, the due date for submission of the revised CDFI certification application will be determined by the specific date of each organization’s fiscal year-end.
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Following persistent ICBA advocacy, the CDFI Fund excluded from the application ICBA-opposed provisions that would have rescinded CDFI certification for banks that originate balloon mortgages.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 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.