OFN’s Statement on the Revised CDFI Certification Application
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OFN’s president and CEO, Harold Pettigrew, issued a statement in response to the much-anticipated reforms to the CDFI industry’s key credential
Yesterday, the U.S. Department of the Treasury’s CDFI Fund released a revised Community Development Financial Institution (CDFI) Certification Application. A reform process several years in the making, the final updated application includes changes made in response to public comments received last year, including from OFN.
OFN President and CEO Harold Pettigrew issued the following statement:
“OFN applauds the CDFI Fund for finalizing the highly anticipated and necessary updates to CDFI certification. We must hold our growing industry to high standards to remain lenders of integrity that support and protect our communities. OFN is pleased to see that the CDFI Fund has kept the industry’s community development mission and commitment to responsible lending front and center in these updates. As a vital segment of the financial system, CDFIs need a credential that is in line with the evolving financial landscape and the industry’s commitment to responsible practices. We are pleased to see modernization efforts come to fruition. These updates will strengthen the industry’s credibility and enable more impact in the communities we serve.”
OFN will release additional information and analysis as we gain a fuller picture of the updated application.
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