Congress may be back home in their districts for August recess, but there is still plenty of activity taking place in Washington DC. As the Obama Administration draws to a close, many federal agencies are engaging in their final rulemaking before the end of Fiscal Year 2016, and are proposing regulatory changes to programs impacting CDFIs. 

Some of these changes, like issuing of new interim regulations opening the USDA’s Community Facilities program to mission-driven lenders, will increase the availability of low-cost, long-term capital for CDFIs.

Others, like proposed changes to certain CDFI Program documents—including the proposed FY 2017-2019 CDFI Program and NACA Program Financial Assistance Application, FY 2017-2019 CDFI Program and NACA Program Technical Assistance Application and the BEA Program, CDFI Program, and NACA Program Uses of Award Report Form—may impact award distribution and administration.

The CDFI Fund also recently issued a new interim rule on the Bank Enterprise Award program and is seeking public comment on those changes.

OFN is seeking Member input on some of these proposals and will host a series of Staying Connected calls to solicit feedback and inform our comment letters. Register here:

OFN also recently submitted two comment letters to the CDFI Fund on the Capital Magnet Fund Application and Bond Guarantee Program Secondary Loan Commitment Form. View these recently submitted comment letters here.  

OFN continues to advocate on behalf of the opportunity finance industry for legislative and regulatory changes that make federal programs work better for CDFIs. For more information on OFN’s regulatory advocacy or to provide feedback directly, please feel free to contact me at dwilliams@ofn.org

 

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