How do I determine if an Affiliate is engaging in eligible Financial Products or Financial Services activity?
To determine if an Affiliate is engaged in eligible Financial Products or Financial Service, the CDFI Fund considers the following:
What is a “substantial minority” of Control over an organization’s board?
A substantial minority of a board is less than half of the number of board members, but still enough to be able to influence or impact how the board functions and/or the decisions it makes.
How do I identify a relationship of Control between an Applicant and a possible Affiliate?
In examining the definitions for Control, Controlled, or Controlling, Affiliates can be identified clearly within an entity’s stock certificate summary report, organizing documents, or governance documents (including its bylaws or similar, Articles of Incorporation or similar, etc.).
Some common examples of Control outside of a stock ownership situation include:
Can I reopen my TLR if I notice a mistake I made?
No. A certified TLR submitted in conjunction with its CDFI Certification Application cannot be reopened for modification by the Applicant after its CDFI Certification Application has been submitted in AMIS.