Treasury Backs off CDFI Deadline

NEW YORK – The U.S. Treasury Department has extended its deadline under which community development credit unions and other financial institutions had to apply to receive funds appropriated for 2003 from the Community Development Financial Institutions Fund. According to the National Federation of Community Development Credit Unions, the previous deadline had been March 17. The new deadline will be April 14. The Federation, as well the CDFI Coalition, an association of financial institutions of all types that use the Fund, vigorously protested the initial short deadline, and the Federation said those protests, along with delays in releasing the Fund’s online application, prompted the new date. “We’re gratified that the Fund is taking this action,” commented Cliff Rosenthal, executive director of the Federation and Chairman of the CDFI Coalition. “There are many changes in the program, and it would have been extremely difficult for most CDCUs to meet the initial deadline – especially if they lack the technology to apply online.”