FAQ Question
6. Which Applicants are subject to the CDFI Certification Collective Review Process?
FAQ Answer
Table 1: Primary Geographic Markets Served
| If the Applicant seeking to obtain or maintain CDFI Certification is: | Entities relevant to and included in the Applicant’s CDFI Certification collective review process are: |
| Depository Institution Holding Company (DIHC) | all Affiliates of the DIHC that are either bank/thrift holding companies or that engage in eligible Financial Product and/or eligible Financial Services activity |
| Affiliate of a DIHC(s) | the Affiliated DIHC(s) and all Affiliates of the Affiliated DIHC(s) (including entities that are not directly Affiliated with the Applicant) that are either bank/thrift holding companies or that engage in eligible Financial Product and/or eligible Financial Services activity |
| Subsidiary of an Insured Depository Institution(s) (IDI[s]); which is an entity with Federal Deposit Insurance Corporation (FDIC) insurance | the Controlling IDI(s) and all Subsidiaries of the Controlling IDI(s) that are either bank/thrift holding companies or that engage in eligible Financial Product and/or eligible Financial Services activity |
Please note: the CDFI Fund defines an Affiliate as a company or entity that Controls, is
Controlled by, or operates under common Control with another company (12 CFR 1805.104).
Control, Controlled, or Controlling are defined by the CDFI Fund as:
- Ownership, control, or power to vote 25% or more of the outstanding shares of any class of voting securities of any company, directly or indirectly or acting through one or more other persons;
- Control in any manner over the election of a majority of the directors, trustees, general partners, or individuals exercising similar functions of any company; or
- Power to exercise, directly or indirectly, a Controlling influence over the management, credit, or investment decisions or policies of any company.
(12 CFR 1805.104)