Introducing the CDFI Briefing on LinkedIn

We're offering our as-it-happens updates on policy and legislation affecting CDFI credit unions here as a periodic newsletter. If you'd like your news here on LinkedIn, subscribe to receive updates. Or if you prefer, check out all the updates on our blog.

Latest Updates: February 12

CDFI 2024 FA Award Funds are Being Disbursed

Despite a federal judge on Monday finding that the Trump administration violated a court order lifting the broad freeze on federal spending and certain agencies continuing to withhold funds, CDFI 2024 FA award winners are beginning to see their first disbursements of award funds.

This follows the normal timeline of award distribution and is another positive sign that CDFI Fund operations are continuing as normal.

2024 FA award assistance agreements were signed and returned by recipients to the CDFI Fund by the first week in February. The Fund issues its first disbursements shortly after countersigning those agreements.? CU Strategic Planning has seen final countersigned 2024 FA award agreements for three quarters of our clients at this point.

Jonathan Gould Nominated for Comptroller of the Currency, Jonathan McKernan to Lead CFPB

Less than a week after former NCUA chairman Rodney Hood was named Acting Comptroller of the Currency, the Trump administration has nominated Jonathan Gould to lead the financial regulator. Gould is former chief counsel for the Senate Banking Committee senior deputy comptroller and chief counsel of the OCC under Joseph Otting during the first Trump administration and has shown to be amenable to easing regulations for banks and cryptocurrency.

McKernan was one of two Republicans appointed to the mostly-Democratic FDIC board during the Biden administration. His nomination as head of the Consumer Finance Protection Bureau was announced the same day that President Trump reaffirmed his goal dismantle the CFPB.?

The next step in the nomination process is for the Senate Banking Committee to hold a hearing on both nominations to lead the CFPB and OCC on a permanent basis.

While the OCC has no regulatory authority over credit unions, it was considered a positive sign when credit union veteran Hood was named as the acting head of the office.?The CFPB has supervisory authority over credit unions above $10 billion in assets, and the OCC, CFPB, FDIC, and NCUA all participate in interagency guidance on consumer credit practices.

View the rest of the CDFI Briefing updates on our blog or sign up to receive them in your inbox.