WASHINGTON–The Treasury department has announced the date for a new Community Development Financial Institutions (CDFI) Fund small business disclosure policy has been delayed two years.
The decision extends the start date to begin implementing small business loan product disclosures to borrowers for CDFI Certification Applicants and currently Certified CDFIs to Oct. 1, 2028 from Oct. 1, 2026, according to America’s Credit Unions.
“Credit unions that want to maintain CDFI certification must submit in writing that it has disclosed key points for each of its small business loan products: including the periodic payment due, the total amount to be repaid over the life of the loan, the total finance charges over the life of the loan, and the annual percentage rate of the loan,” America’s Credit Unions said.
The trade group noted the new small business disclosure policy was initially outlined in the Treasury’s final revised CDFI Certification Application released in December, 2023. The CDFI Fund’s updated guidance materials are available at www.cdfifund.gov/cdficert under Step 2: Application Process.
