Community Development Financial Institutions (CDFI) Fund awards now have new conditions and requirements that remove climate financing and diversity, equity and inclusion (DEI) from the list of permissible activities as well as update definitions in the Healthy Foods Financing Initiative.
The U.S. Treasury Department published an official Notice of Funds Availability (NOFA) Thursday, attaching the changes.
Credit unions that previously filed an application for a CDFI Fund award with climate or DEI activities will be contacted by the CDFI Fund to update their application by Oct. 27 to attest that they are not using CDFI grant funds for these purposes.
America’s Credit Unions, the American Association of Credit Union League, and all state leagues have called on Treasury and the Office of Management and Budget to ensure that CDFIs have all necessary guidance to avoid any delays to award announcements or reduction in award amounts, and also urged it to release the nearly $290 million in FY2025 CDFI Fund awards.
For more information, email Lisa Quaranta.
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Using the above phone number and email address, you can gain access to a knowledgeable team that’s ready to address all your credit union’s compliance inquiries — promptly and efficiently. With the Compliance Hotline, you can proactively respond to impromptu questions and issues by getting clarity and insight on technical topics that normally slow you down. We want to help you unlock the full potential of your League membership by leveraging the resources and support you need to navigate the complex world of compliance effortlessly. We’re ALWAYS just a phone call or email away!
Additionally, other League-member compliance resources include:
For more information, email Lisa Quaranta.
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