The federal government is actually asking for your opinion before making changes.
The U.S. Treasury Department’s CDFI Fund is opening up the floor for public comment on two key reporting documents—the Annual Certification and Data Collection Report (ACR) and the Abbreviated Transaction Level Report (ATLR).
Think of this as your chance to weigh in before the rules get set in stone.
What’s This All About?
The CDFI Fund—which oversees Community Development Financial Institutions that serve underserved communities—is doing what the Paperwork Reduction Act of 1995 requires: checking in to see if they can make life easier for everyone involved. Because nobody likes drowning in paperwork, especially when you’re trying to do good work in your community.
Last December, the CDFI Fund rolled out a revamped CDFI Certification Application. The goal? Make sure their certification process actually meets legal requirements, keeps pace with how the industry is evolving, and protects taxpayer dollars. Since then, they’ve processed close to 1,400 applications and learned a thing or two in the process.
Now they’re ready for round two of improvements, specifically targeting the ACR and ATLR. These updates aim to align with the current Administration’s executive orders focused on cutting down waste, fraud, and abuse in federal programs—basically making sure every dollar goes where it’s supposed to.
What Kind of Feedback Are They Looking For?
The CDFI Fund isn’t just throwing the doors open for random complaints. They’ve got specific questions they want answered:
- Is collecting this information actually necessary, and will it be useful in practice?
- Are their estimates about how much time and effort this takes actually accurate?
- How can they make the information clearer and more valuable?
- What’s the best way to reduce the burden on respondents (yes, technology is on the table)?
- What are the real costs—startup expenses, operations, maintenance, and services—involved in providing this information?
The Specific Changes on the Table
Beyond those general questions, the CDFI Fund is proposing some concrete changes they want feedback on. These include updates to accountability and board representation requirements, eligible Target Market types, anti-fraud measures, revisions to ACR and ATLR questions and attachments, and the requirements for maintaining CDFI Certification.
The complete list of questions is available in the Federal Register notice, for those who want to dive into the details.
How to Make Your Voice Heard
You’ve got 60 days from the Federal Register publication date to submit your comments in writing. The process is straightforward: head over to the Federal eRulemaking Portal and share your thoughts.
This is one of those rare moments where government agencies are genuinely listening before they finalize policy changes. If you work with CDFIs or have insights on how these reporting requirements affect real-world operations, now’s your moment to contribute to shaping the rules you’ll have to live with.