Reforms to CDFI Certification Coming Soon
After years of consideration and consultation with the CDFI industry, the CDFI Fund has proposed reforms to CDFI certification to update this key industry credential.
“The CDFI Fund has a responsibility to assure that unsavory financial service providers operating in low-wealth communities cannot qualify for CDFI certification,” said OFN’s Chief External Affairs Officer Jennifer A. Vasiloff. “OFN welcomes the Fund’s closer scrutiny of applicants’ accountability to their community, to a community development mission, and to offering responsible financial products.”
Opportunity Finance Network (OFN) has submitted comments to the Fund on the revised certification application supporting most of the proposed reforms along with a few recommended revisions.