CDFI Fund seeks comment on criteria for MDIs

Federal Issues CDFI MDI Federal Register

On July 28, the Community Development Financial Institutions (CDFI) Fund published a notice in the Federal Register soliciting public comment to refine the criteria it should use to designate “minority lending institutions” (MDIs) as a subset of CDFIs. According to the notice, CDFI Fund “seeks to implement the designation for those CDFIs that wish to be recognized for their high levels of service and accountability to Minority populations, as well as to identify barriers such CDFIs experience in providing access to capital.” Among other things, the CDFI Fund is soliciting information on topics that include: (i) majority-minority Census tracts and the time period used to assess service in these tracts; (ii) CDFI status; (iii) financial products delivered to non-minority-owned customers that serve individuals from racial and ethnic minorities; (iv) methods MLIs may use to demonstrate accountability to minority populations; and (v) standards for accountability to minority populations, as determined by the CDFI Fund. Comments are due by November 25.