The CDFI Fund announced Tuesday that it would delay the finalization of its CDFI Certification Application to allow the Fund to “carefully review all public comments received.”

This comes as a win for the New York Credit Union Association, which wrote two letters regarding the CDFI certification process, one to Sen. Chuck Schumer and another to Jodie Harris, director of the CDFI Fund.

In the announcement, the Fund also has stated that the pause on CDFI Certification Application, which began on Oct. 1, 2022, has been extended. The Fund has not provided a timeline to lift the pause, though it did confirm that existing CDFIs will be given a grace period to comply with the new requirements. Once it has completed the review of the comments, the Fund will schedule a public event to provide updates, steps to implementation, and clarification.

The Association will continue to provide updates as they are available. Please reach out to Kristina Persaud at kristina.persaud@nycua.org with any questions.