Banks join CUs in blasting proposed CDFI rules
Banking trade groups this week panned proposed changes to the CDFI program—joining credit union associations in saying the rule would severely harm existing CDFIs.
Michael Emancipator, vice president and regulatory counsel at the Independent Community Bankers of America, said the changes proposed to the CDFI program would “irreversibly harm existing CDFI banks and prevent other banks from seeking the certification.”
CUNA and NAFCU leveled a similar criticism of the rule.
The Treasury Department and its CDFI Fund have proposed updates to the rules governing the CDFI program, contending that the current rules do not capture sufficient information about CDFIs.
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