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CDFI requests comment on new reporting form
WASHINGTON (7/9/14)--The U.S Department of the Treasury's Community Development Financial Institutions (CDFI) Fund seeks comment on a new reporting form designed to reduce the burden on CDFIs during the recertification process.

The CDFI Annual Certification and Data Collection Report Form would replace the extensive process currently conducted every three years with a shorter annual report. 

CDFIs traditionally serve economically distressed target markets and provide a range of financial products, such as mortgage financing for low-income and first-time homebuyers and not-for-profit developers; flexible underwriting and risk capital for needed community facilities; and technical assistance, commercial loans and investments to small start-up or expanding businesses in low-income areas. Credit unions represented 177 out of the 811 CDFIs active at the end of 2013, according to a CDFI Fund annual report released last week.

The new reporting form will collect annual financial and impact data from all CDFIs, regardless of whether they have received monetary awards in their last fiscal year. This information will be used to provide the CDFI Fund and the community development finance industry with more insight into the state and accomplishments of CDFIs. 

According to the CDFI Fund, comments are specifically invited on:
  • Whether the collection of information is consistent with the stated background and proposed use necessary for proper performance of the CDFI Fund;

  • The accuracy of the CDFI Fund's estimate of the burden of the collection of information;

  • Ways to enhance the quality, utility and clarity of collected information;

  • Ways to minimize the collection burden, including through the use of technology; and

  • Estimates of operational or maintenance costs to provide information.
Comments are due on Sept. 9 and should be directed to Brette Fishman, Management Analyst at the Community Development Financial Institutions Fund, U.S. Department of the Treasury, 1500 Pennsylvania Avenue NW, Washington, D.C. 20020; by e-mail to annualreport@cdfi.treas.gov ; or by fax to 202-508-0083.

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