Urge the IRS to provide income verification via summary of tax returns
At taxpayers request  - could increase access to credit, loans

• In 2019, Congress passed the Taxpayers First Act which included Section 2201 requiring the IRS to develop an automated system to receive third-party income verification forms (4506-T). This system would replace the current system, which relies on semi-secure fax. 
• The 4506-T form allows taxpayers to give their permission to the IRS to send a summarized transcript of their tax returns to an authorized third party (i.e. SBA or lender). 
• An “API” (Application Programming Interface) could allow the IRS to send data to lenders, SBA, or other government agencies participating in aid programs such as HUD and Treasury - with taxpayer permission - instantly and securely, rather than waiting days or weeks for paper processing. 
• The federal government has already relied on APIs; lender interactions with the SBA for PPP were done through APIs, for example.  
• Had the IRS implemented an API before the pandemic, most of the more than $80 billion in alleged potential PPP and EIDL fraud identified by the SBA Inspector General could have been prevented. 

Friday, June 11
12:00 noon - 1:00 p.m.

When the CDFI Coalition canceled our conference and annual meeting in March of 2020, we focused on delivering our panels and programs through our CDFI Friday Virtual Conference Series in the fall. 

But we never convened an annual meeting of our membership. 

So please, save the date - Friday, June 11 - and plan to join us for a recap as well as a look toward the future! RSVP here. 

Not sure if your membership is current? Visit our website - if your CDFI is listed in bold - you've paid your dues for 2021. If you have an asterisk* but not bold, you paid in 2020 but not yet this year. If you're not linked at all, we hope you'll join your colleagues from across the state and join or renew! 

The NYS CDFI Coalition is now accepting 2021 membership renewals and applications on our website for your convenience. Please consider lending your support to the NYS CDFI Coalition as a Certified CDFI, Emerging CDFI, or Non-Profit Associate Member (Advocate, Community Organization, University.)

ALSO - we invite Coalition members to submit updates you would like to share with our statewide audience. These include job postings, Events,  Success Stories or Guest Posts for consideration. Thank you for all you do! 
 

The Federal Reserve wants to hear from YOU!

The Federal Reserve 2021 CDFI Survey is now open. Join your colleagues in completing the survey to better inform the Fed, the CDFI Fund and other policymakers, researchers and practitioners about the collective work of CDFIs.
 

Take the survey today!

Survey closes at 11:59PM EST on Friday, May 14.

As with past survey data, the Federal Reserve and the CDFI Fund intend to use the survey data to inform research and future policymaking. Data from last year’s survey informed the design of CDFI Fund and Federal Reserve programs, including the CDFI Rapid Response Program, as well as outreach and education efforts.
 
The 60-minute survey is open to all CDFIs, regardless of certification status. Plan to submit a response for your CDFI, and tell another CDFI leader you know. The more voices they hear, the more we can do together!
 
Your time is important, so they have significantly shortened the survey this year. More information about the 2021 CDFI Survey and the Fed’s CDFI survey work is available here.
 
The CDFI Survey is a collaborative effort of the Fed, the CDFI Fund, Opportunity Finance Network, the CDFI Coalition, Inclusiv, the Community Development Bankers Association, the Native CDFI Network, First Nations Oweesta Corporation, NeighborWorks America, the New York State CDFI Coalition and the Asociación de Ejecutivos de Cooperativas de Ahorro y Crédito de Puerto Rico.
 
Your voice matters, and we hope to have your organization represented in the data.
 

Save the Date!
The next NYS CDFI Investor Club Webinar is Friday, June 4

On Friday, May 7, we hosted a NYS CDFI Investor Club webinar featuring a discussion between Dr. Stephanie Gripne, Founder of Impact Finance Center and Catherine H. Burnett, Chief Impact Officer of the Phillips Foundation. Catherine shared the Foundation's impact strategy to drive positive social, environmental and financial returns, and why she thinks of CDFIs as such a desirable asset class.

This conversation was followed by a CDFI Panel moderated by Jeanne Hegner of Impact Finance Center, featuring Jessie Lee of Renaissance Economic Development Corporation; Linda MacFarlane of the Community Loan Fund of the Capital Region; and Jennifer Trepinski of CSH, the Corporation for Supportive Housing.
 
Thanks to those who participated! If you missed it, you can watch the recording here. (If you are a NYS CDFI and have not yet set up an account on the Impact Finance Center website, email me to receive the Discount Code so you can view all prior recordings!)
 
Our next event is Friday, June 4 from 12 noon – 1 p.m. - we'll hope to see you there!