Earlier this summer, Community Development Financial Institutions (CDFI) certified-credit unions across the country and here in Tennessee began receiving cure notices for their CDFI recertification applications. With little or no instruction on how to remedy the issues at hand, our credit unions began searching for answers on how to complete their CDFI certification process.
Through countless meetings, calls, and requests for information, they received few answers. After the League and Tennessee credit unions met with Congressman John Rose (R-TN), he quickly saw the trouble our credit unions were having and teamed up with Congressman Andy Barr (R-KY) to send a letter to the CDFI asking for provisional status for our credit unions and more answers for them on their CDFI status.
We’re proud to have Congressman Rose serving Tennesseans on the House Financial Services Committee and thankful for his leadership when Tennessee credit unions need him!
In the News
Here are two articles that highlight the support for CDFI-certified credit unions by Reps. Andy Barr (R-KY) and John Rose (R-TN).
What is Community Development Financial Institution (CDFI) Certification?
The U. S. Treasury Department’s Community Development Financial Institution Fund designates organizations that provide financial services to low-income communities and to people who lack access to financing and that meet certain criteria as Community Development Financial Institutions.
Credit unions certified as CDFIs are eligible to apply for awards through a variety of competitive programs administered by the CDFI Fund.
These awards enable CDFIs to finance a wide range of activities, including:
- Mortgage lending for first-time homebuyers,
- Flexible underwriting for community facilities, and
- Commercial loans for businesses in low-income areas.
Through varying strategies, each CDFI contributes to the cultivation of a healthy and stable local economy.