[Federal Register Volume 87, Number 213 (Friday, November 4, 2022)]
[Notices]
[Pages 66786-66787]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[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 www.reginfo.gov/public/do/PRAMain. 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 [email protected], calling 
(202) 927-5331, or viewing the entire information collection request at 
www.reginfo.gov.

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