Community Development Financial Institutions Fund, Department of the Treasury
Supporting Statement for Paperwork Reduction Act Submissions
Community Development Financial Institutions (CDFI) Fund
Certification of Material Events Form
OMB No. 1559-0037
1. Circumstances necessitating collection of information
Pursuant to 12 U.S.C 4701 et seq. the Community Development Financial Institutions Fund (the CDFI Fund) implements the Community Development Financial Institutions (CDFI) Program. The CDFI Fund’s mission is to increase the capacity of financial institutions to provide capital, credit, and financial services in underserved markets. In order to qualify for a financial assistance, technical assistance, or tax credits award from the CDFI Fund an applicant must obtain and maintain certification status.
The Material Events Form is used by CDFI Fund Award Recipients, Allocatees, certified Community Development Entities (CDEs) and Community Development Financial Institutions (CDFIs), to report potential Material Events to the CDFI Fund. A “Material Event” is an occurrence that affects an organization’s strategic direction, mission, or business operation and, thereby, its status as a certified CDE and/or CDFI, and/or its compliance with the terms and conditions of its allocation or assistance agreement.
2. Method of collection and use of data
The Material Events Form is currently submitted to the CDFI Fund as a PDF via email by organizations that need to submit the Form to maintain their compliance. CDFI Fund Award Recipients, Allocatees, certified Community Development Entities (CDEs) and Community Development Financial Institutions (CDFIs) may access the Form online at https://www.cdfifund.gov/Documents/Certification of Material Events Form.doc. However, the CDFI Fund is in the process of building a web-based version of the Form in the CDFI Fund’s new, web-based portal, the Award Management Information System (AMIS). This collection captures information regarding Material Events from certified CDEs and CDFIs in a single form. The document provides a series of questions to aid CDE/CDFIs in determining how a Material Event will impact their organization and inform them what information they need to provide the CDFI Fund. This information enables the CDFI Fund to better manage the Material Events review process and monitor the effects of Material Events on certification or compliance status.
3. Use of Information Technology
The CDFI Fund currently requires Award Recipients, Allocatees, CDEs, and CDFIs to electronically submit to their Material Events Forms as PDFs via email to [email protected]. The CDFI Fund is in the process of building a web-based version of the Form in AMIS. AMIS will be able to collect and store information on Material Events, related eligibility, as well as performance data.
4. Efforts to identify duplication
Similar information is not available from other sources and it does not duplicate any other CDFI Fund or Federal program information-gathering tool.
5. Impact on small entities
This collection of information does not have a significant impact on small entities.
6. Consequences of less frequent collection and obstacles to burden reduction
Adhering to Certification and Compliance requirements is critical to obtaining and maintaining awards from the CDFI Fund. The information collected enables the CDFI Fund to better manage the Material Events review process and monitor the effects of Material Events on certification or compliance status.
7. Circumstances requiring special information collection
Any confidential business information submitted by applicants is safeguarded through the CDFI Fund’s records management procedures and information technology security protocols.
8. Solicitation of comments on information collection
The CDFI Fund intends to publish a 60-day notice for the revised Information Collection Summer 2016.
9. Provision of payment to respondents
No payments or gifts will be made to respondents.
10. Assurance of confidentiality
The CDFI Fund is subject to all Federal regulations with respect to confidentiality of the information provided in this collection of information. The CDFI Fund has provided no other assurances of confidentiality to respondents.
11. Justification of sensitive questions.
No questions of a sensitive nature are asked in this information collection. No personally identifiable information (PII) is collected.
12. Estimate of the hour burden of information collection.
The total hour burden of this information collection is estimated at 50 hours. This is based on an estimated .25 hours per respondent and an anticipated 200 respondents annually for a total of 50 hours. Respondents only need to submit a Certification of Material Events Form in the occurrence of a material event.
13. Estimate of total annual cost burden to respondents
There are no cost burdens associated with the collection of this data. No purchases of equipment or services are necessary for this information collection.
14. Estimate of annualized cost to the Government
The cost to the Government is the CDFI Fund staff time and IT systems, follow-up with respondents, and updating records.
15. Any program changes or adjustments
The CDFI Fund has not made any changes to this information collection at this time.
16. Plans for information tabulation and publication
Confidential or proprietary information collected through this information collection will not be published.
17. Reasons for not displaying expiration date of OMB approval
The CDFI Fund intends to display the expiration date of the OMB approval on the collections of information.
18. Explanation of exceptions to certification statement
Not applicable.
Not applicable.
| File Type | application/msword |
| File Title | #1559-0037 supporting statement |
| Author | CDFI |
| Last Modified By | Fishman, Brette |
| File Modified | 2016-06-27 |
| File Created | 2016-06-27 |