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CDFI Fund director outlines certification changes, new data reporting and program priorities
Summary
Treasury CDFI Fund Director Praveen Raghavan told an FHFA symposium the Fund revised its certification application for the first time since 1994, is collecting transactional‑level CDFI data, and is reviewing CMF regulations — steps intended to strengthen CDFI capacity and transparency.
Praveen Raghavan, director of the Treasury CDFI Fund, gave a primer on the Fund’s role and current priorities at the FHFA Home Loan Bank & CDFI Symposium.
Raghavan said the CDFI Fund’s mission is to “promote availability and affordability of capital and credit into distressed and underserved communities.” He reviewed major Fund programs — the CDFI Program (financial and technical assistance), the Bank Enterprise Award, the Capital Magnet Fund (funded by Fannie Mae and Freddie Mac), and New Markets Tax Credits — and reiterated that demand far exceeds available appropriations.
He detailed a major administrative change: the Fund recently revised its CDFI certification application for the first time since 1994. The revised process will gather richer, transactional‑level reporting from certified CDFIs; Raghavan said that change enables better oversight of mission delivery but raises questions about how to share data publicly while protecting sensitive information.
On policy and regulation, Raghavan told attendees the Fund had sought public comment on Capital Magnet Fund regulations and is evaluating feedback, with implications for allowing consortiums and other changes to expand participation. He advised attendees that many CDFI benefits — including state program match and certain regulatory waivers — remain state‑dependent and that prospective partners should study local rules.
In response to audience questions, Raghavan said the CDFI Fund itself does not directly fund most tech startups; CDFIs sometimes provide loans or venture capital vehicles that support fintech and technology solutions serving mission markets. He urged CDFIs to use the Fund’s public materials and noted the Fund will post transcripts and materials from the symposium on its website.
Raghavan also emphasized that certification remains a gateway to federal programs; recertification and validation will occur annually under the revised rules. He closed by encouraging banks and CDFIs to collaborate with the Fund as certification, data and program rules evolve.
