CDFI Fund Revises Certification Reports, Eliminates Race-Based Target Markets
Certified CDFIs and new certification applicants must prepare revised ACR and TLR forms after OMB review; comments due by Nov 30 2026.
The Treasury Department's Community Development Financial Institutions Fund issued a notice (Fed. Reg. 91, No. 188, Sep. 30, 2026) proposing revisions to the Annual Certification and Data Collection Report (ACR) and the abbreviated Transaction Level Report (TLR). The revisions eliminate race- and ethnicity-based Target Market categories and remove several demographic and climate-financing fields. The changes bind certified CDFIs and entities applying for CDFI certification.
Eliminated items include all "Other Targeted Population" categories based on borrower race or ethnicity, the board and executive-staff demographic subsection (except total size questions), the "Accountability" section, and the "Native American TM Accountability Attestation." The abbreviated TLR will no longer collect minority status, sex of the business owner, or climate-centered financing data. New ACR questions will capture administrative-proceedings history and compliance with other federal award programs.
The notice references OMB Control Number 1559-0046 and estimates a 20-hour reporting burden per respondent. For the ACR, 1,277 certified CDFIs are expected to file annually, generating an estimated 25,540 burden hours. For the abbreviated TLR, 849 respondents - 699 non-FA certified CDFIs seeking recertification and 150 new certification applicants - are projected, accounting for an estimated 16,980 burden hours.
The CDFI Fund invites public comment through Nov. 30, 2026, to be submitted via regulations.gov under Docket No. CDFI-2026-0199. Comments may address the necessity, accuracy, clarity, and burden of the proposed collections, as well as suggestions for additional questions related to waste, fraud, and abuse.
The agency states the revisions are intended to align the certification process with recent executive orders and to reduce paperwork. Upon OMB approval, certified CDFIs and applicants will be required to use the revised forms in their next annual reporting cycle.
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