Lizeth GeorgeThe Community Development Financial Institutions Fund (CDFI Fund) is requesting public comment on the Minority Lending Institution (MLI) designation criteria by November 25, 2022.
Pursuant to Section 523 of Division N of the Consolidated Appropriations Act, 2021 (Act; Pub. L. 116-260), an MLI is a CDFI that (i) directs a majority of its financial products to Minority populations or communities; and (ii) either (a) is a Minority Depository Institution (MDI) or (b) demonstrates accountability to Minority populations. Although no federal funding will be associated with an MLI designation at this time, the CDFI Fund seeks to implement this 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. Upon implementation of the final MLI designation criteria, the CDFI Fund will utilize the designation for limited purposes, including data collection and reporting.
Through this request for comment, the CDFI Fund requests feedback from the public on certain aspects of the criteria and process the CDFI Fund will use to designate a CDFI as an MLI. The CDFI Fund also seeks any additional information that would be beneficial in establishing policies and procedures related to MLI designation. The CDFI Fund will consider the feedback received through this request for comment prior to establishing a final definition and designation process.
A complete list of the questions to which the CDFI Fund is seeking comment is contained in the Notice and Request for Public Comment published in the Federal Register on July 28, 2022.
Comments must be submitted in writing 120 days after the date of publication of the Federal Register notice via the Federal Rulemaking Portal below. Follow the instructions on this website for submitting comments.
If you have any questions related to the Notice and Request for Public Comment, contact Jeff Merkowitz, Senior Advisor, CDFI Fund. This email address is for questions only; comments must be submitted to the Federal Rulemaking portal to be considered by the CDFI Fund.
