WASHINGTON A number of CUs got the message yesterday that if they want to recertify their Community Development Financial Institution (CDFI) designation, they had better get moving now.
That message was shared Monday during a roundtable hosted by the National Federation of Community Development Credit Unions at CUNA’s Governmental Affairs Conference. The roundtable provided specific information about changes to the CDFI certification process, as well as new programs, long-term investment prospects, and opportunities to shape the CDFI Fund’s agenda moving forward.
Pablo DeFilippi, director of membership at the Federation, reminded a group of 100 that the deadline for recertification is April 1. “Basically, by April 1, around 40% of CDFI credit unions have to recertify about 104 CUs,” explained DeFilippi, who told Credit Union Journal that the recertification process has always been in place. “However, the CDFI fund did not enforce the rule. They would often extend the recertification for many, give credit unions an extension letter. But that is not happening anymore. They want everyone who certified before 2010 to recertify by April 1.”
The roundtable touched on some of the rules of the recertification process, but dedicated more time to addressing the advantages of having the CDFI designation. Federation President Cathie Mahon led part of the discussion, with DeFilippi taking his turn, as well as Jodie Harris and CDFI Fund senior advisor and Federation Senior Program Officer Melanie Stern.