The Community Development Financial Institutions (CDFI) Fund has released its CDFI Certification Cure-Related Frequently Asked Questions (FAQs) that it had been promising.

During a recent call with National Credit Union Administration (NCUA) officials, the CDFI Fund’s representatives made it clear that when credit unions submit their applications or cure information by the deadline, submissions must be complete and compliant. Credit unions will not have further opportunities for discussion or supplementing their documents after that.

The CDFI Fund instructed applicants to use these FAQs in submitting that documentation. It will prioritize entities with Emergency Capital Investment Program (ECIP) funds from the U.S. Treasury Department that are pending, which is a new development and good news.

However, unfortunately the timing of this FAQs release left credit unions only 17 business days to absorb this guidance, act on it, document those actions, and update their applications. For some credit unions, there are millions of dollars of capital infusions hanging in the balance.

"We are still asking Congress to provide the provisional CDFI certification for credit unions," said Diana Dykstra, president and CEO of the California and Nevada Credit Union Leagues. "Please continue to make your voice heard on this issue with your member(s) of Congress."

For CDFI questions, email the Leagues’ Vice President of Social Impact Daniel West. For congressional advocacy questions, email the Leagues’ Senior Vice President of Federal Government Affairs Jeremy Empol.

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