Nussle: CDFI fund failing to provide crucial certification information

Credit unions need clarity on process, Nussle tells Congress

Two months after the Treasury Department released a new Community Development Financial Institutions Fund certification application, department officials still have not provided prospective CDFIs with crucial information, America’s Credit Unions President/CEO Jim Nussle told members of Congress this week.

“While the fund provided flexibility, clarity, and many changes to ensure that organizations that should be able to certify can, not all issues have been addressed,” Nussle wrote to members of the House Financial Services Committee and the Senate Banking Committee.

Treasury Secretary Janet Yellen testified before the House committee on Tuesday and is scheduled to testify before the Senate committee on Thursday. The hearings are centered on the annual report of the Financial Stability Oversight Council and not the CDFI program. Yellen was not asked any questions on the CDFI program at Tuesday’s hearing.

Nonetheless, Nussle wrote members of the committees this week raising several issues, including problems with the CDFI program.


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