Release is in Advance of Further Request for Comments coming from the Office of Management and Budget
The CDFI Fund released a preview of its long-awaited revisions to the CDFI Certification Application, Annual Certification Report (ACR), and updated methods for collecting transactional level data from Certified CDFIs. This preview is intended to provide organizations additional time to review the new application and reporting requirements ahead of a public comment period.
Preview the documents at the links below:
- CDFI Certification Application (For Preview Purposes Only)
- CDFI Certification Application Agreement (For Preview Purposes Only)
- CDFI Certification Application: Overview of Final Revisions and Modifications
- CDFI Certification Application & Data Collection Reporting Revisions Web Page
In the coming weeks, the Office of Management and Budget (OMB) will publish the updated materials for a final round of public comment.
This 30-day comment period will be the last opportunity for public input on the revised CDFI Certification Application and reporting requirements before they are implemented in April 2023.
The release is the culmination of a multiyear process to update CDFI certification requirements.
CDFI certification is a mission test that serves not only as an eligibility screen for CDFI Fund programs, but as a valuable credential with private, philanthropic, and other public sector investors in CDFIs. OFN remains deeply committed to protecting the integrity of this credential while also balancing the burden and cost of compliance on CDFIs.
OFN submitted comments in November 2020 on the previously proposed changes to the application and the annual certification and data collection report and transaction level report. We also plan to submit comments on the revised application and reporting requirements and welcome feedback from OFN members. To share your thoughts, contact Dafina Williams, EVP of External Affairs.