Notice2022-24082
Agency Information Collection Activities; Submission for OMB Review; Comment Request; CDFI Certification Application
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
November 4, 2022
Issuing agencies
Treasury Department
Abstract
The Department of the Treasury will submit the following information collection requests to the Office of Management and Budget (OMB) for review and clearance in accordance with the Paperwork Reduction Act of 1995, on or after the date of publication of this notice. The public is invited to submit comments on these requests.
Full Text
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<title>Federal Register, Volume 87 Issue 213 (Friday, November 4, 2022)</title>
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[Federal Register Volume 87, Number 213 (Friday, November 4, 2022)]
[Notices]
[Pages 66786-66787]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-24082]
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DEPARTMENT OF THE TREASURY
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; CDFI Certification Application
AGENCY: Departmental Offices, Department of the Treasury.
ACTION: Notice of information collection; request for comment.
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SUMMARY: The Department of the Treasury will submit the following
information collection requests to the Office of Management and Budget
(OMB) for review and clearance in accordance with the Paperwork
Reduction Act of 1995, on or after the date of publication of this
notice. The public is invited to submit comments on these requests.
DATES: Comments should be received on or before December 5, 2022 to be
assured of consideration.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be sent within 30 days of publication of
this notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find this particular
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be
obtained from Spencer W. Clark by emailing <a href="/cdn-cgi/l/email-protection#79292b38390d0b1c180a0c0b00571e160f"><span class="__cf_email__" data-cfemail="a8f8fae9e8dcdacdc9dbdddad186cfc7de">[email protected]</span></a>, calling
(202) 927-5331, or viewing the entire information collection request at
<a href="http://www.reginfo.gov">www.reginfo.gov</a>.
SUPPLEMENTARY INFORMATION:
CDFI Fund
Title: CDFI Certification Application.
OMB Control Number: 1559-0028.
Type of Review: Revision of a currently approved collection.
Description: A Certified Community Development Financial
Institution (CDFI) is a specialized financial institution that works in
markets that are underserved by traditional financial institutions and
provide a range of Financial Products and Financial Services in
economically distressed Target Markets. CDFIs include regulated
institutions such as community development banks and credit unions, and
non-regulated institutions such as loan and venture capital funds. CDFI
Certification is a designation conferred by the CDFI Fund and is a
requirement for accessing various CDFI Fund programs. A financial
institution seeking to become a Certified CDFI and qualify to apply for
assistance from the
[[Page 66787]]
CDFI Fund must complete the CDFI Certification Application.
The CDFI Fund is authorized by the Riegle Community Development
Banking and Financial Institutions Act of 1994 (Pub. L. 103-325, 12
U.S.C. 4701 et seq.) (the Act). The regulations governing CDFI
Certification are found at 12 CFR. 1805.201 (the Regulations). The
significance of CDFI Certification has increased over the years, as the
CDFI Certification status has come to serve as a qualifier for other
federal government and private sector resources and benefits. Beginning
in January 2017, through the issuance of a Request for Information, the
CDFI Fund sought to review and update the CDFI Certification policies
and procedures to ensure they continue to meet the statutory and
regulatory requirements, are responsive to the evolving nature of the
CDFI industry, and protect government resources. In May 2020, the CDFI
Fund requested public comment on proposed revisions to the Application
and reporting requirements for Certified CDFIs. As a result of comments
received during that public comment period, the CDFI Fund made
additional revisions to the proposed Certification Application.
The revised certification policies and Application attempts both to
provide the flexibility necessary for CDFIs to grow and to serve the
hardest to reach distressed communities, and to maintain the integrity
of what it means to be a certified CDFI from a mission perspective. In
addition, where existing policy warranted changes, revisions were made
to the Application and guidance to provide greater transparency and
clarity around the criteria that entities must meet to obtain and
maintain CDFI Certification.
Form: CDFI Certification Application.
Affected Public: Financial institutions.
Estimated Number of Respondents: 1,532.
Frequency of Response: Once.
Estimated Total Number of Annual Responses: 1,532.
Estimated Time per Response: 40 hours.
Estimated Total Annual Burden Hours: 61,280.
Authority: 44 U.S.C. 3501 et seq.
Spencer W. Clark,
Treasury PRA Clearance Officer.
[FR Doc. 2022-24082 Filed 11-3-22; 8:45 am]
BILLING CODE 4810-70-P
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