Credit union association leaders from the Credit Union National Association (CUNA) and National Association of Federally-Insured Credit Unions (NAFCU) 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 on July 31. The board’s memorandum echoes concerns and recommendations jointly submitted by CUNA and NAFCU in advance of the meeting regarding the proposed changes to the CDFI Fund’s Certification Application and Agreement.

CUNA President/CEO Jim Nussle and NAFCU President/CEO Dan Berger stated:

“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. 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.”