WASHINGTON — With Treasury announcing it has begun a heightened review of Community Development Financial Institutions (CDFIs) to ensure compliance with applicable laws and the terms tied to federal funding, CU Strategic Planning says it welcomes the review.
The Treasury announcement follows the bankruptcy of a certified CDFI subprime auto lender and used car dealer whose executives were charged with conspiracy, bank fraud, and operating a Continuing Financial Crimes Enterprise. CU Strategic Planning is the largest writer of CDFI grant applications in credit unions and has seen more clients receive funds than any other firm.
“The CDFI credit unions we work with are committed to furthering opportunity in the communities they serve and take the designation of Community Development Financial Institution very seriously,” said CU Strategic Planning President Stacy Augustine. “The recent administrative changes in CDFI certification provide a good opportunity to look at what works well and what can be improved at the agency. CU Strategic Planning would welcome any ability to work cooperatively with Treasury on improvements that help ensure that CDFIs do their best work in American communities.”
Senator Praises CDFIs
The company shared some praise recently offered to CDFIs during a Senate hearing.
“I want to take a moment to point out the good work that the 11 CDFIs in my state do in investing in those rural communities in the vastness of the state of Nebraska, the institutions they take on the risk to serve those who are otherwise often overlooked or cannot be served by bigger financial institutions,” said Sen. Deb Fischer (R-NE). “They’re sustaining daycares in small communities of just over 300 people. They’re keeping retail stores in rural downtowns, initiating new businesses on the Winnebago and the Omaha reservations in northeast Nebraska, and they’re supporting efforts to increase rural housing developments, which is so needed.”
Callahan’s, CU Strategic Planning to Host CDFI Roundtable
Separately, Callahan & Associates and CU Strategic Planning said they will host their first in-person CDFI Executive Roundtable on May 19–20 in Columbus, Ohio, bringing together leaders of Community Development Financial Institution-certified credit unions.
According to the companies, the event is designed to give executives an opportunity to share strategies, compare approaches and address challenges unique to CDFI credit unions, which combine financial services with a mission of expanding economic opportunity in underserved communities.
Callahan said leading a CDFI credit union often requires balancing mission-driven goals with financial sustainability, while also managing funding, compliance and operational demands. The roundtable aims to provide a forum for peer collaboration and practical problem-solving among leaders facing similar pressures.
The event will follow Callahan’s roundtable format, with no preset agenda. Discussions will be shaped by participants and facilitated by company executives, including Stacy Augustine, Rick Thomas and Jennifer Davis.
Discussion Topics
Expected discussion topics include:
- Maintaining mission focus while ensuring financial health
- Deploying capital effectively to drive community impact
- Communicating impact to stakeholders
- Managing grants and funding amid changing conditions
- Building internal capacity for growth
- Navigating regulatory and reporting requirements
- Expanding partnerships with leagues and community organizations
For info: Contact [email protected].
