On September 26, NYDFS announced new guidance allowing state-chartered banks to receive CRA credit for lending to, or investing in, community development financial institutions (CDFIs) — even if their 2024 federal certification had lapsed subject to certain conditions. NYDFS issued this guidance to assist banking institutions and CDFIs ensure that CRA credit would be awarded for eligible lending and investment activity. The guidance clarified that CDFIs experiencing federal certification lapses unrelated to their programs or mission have an avenue for continued funding, helping to ensure that federal uncertainty does not destabilize community-based institutions.

To obtain CRA credit for eligible transactions, the bank must provide NYDFS an attestation from a senior executive at the CDFI, signed and dated within the 12 months prior to the transaction, confirming that the CDFI (i) had been certified or recertified in 2024, (ii) continues to promote community development, and (iii) has applied for recertification in the previous 12 months.