CDFI Fund in Jeopardy, Action Alert Issued

WASHINGTON – CUNA and the state leagues have issued an action alert to Community Development Financial Institution (CDFI) credit unions to engage with Congress and members to ensure a funded CDFI Fund. The Treasury administers the fund, which is used for grants and other awards to CDFIs and has been marked for elimination by administration budget outlines.

The federal budget is operating under a continuing resolution until April 28. For the remainder of the fiscal year, and for fiscal year 2018, the administration has proposed the elimination of the CDFI Fund.

“Credit unions that have received CDFI funds know firsthand how important the program is for funding community development initiatives, including small businesses, community facilities and low-income housing,” said Richard Gose, CUNA’s chief political officer. “Eliminating funding will make it more difficult for those credit unions to provide much-needed community assistance, which is why CUNA supports a fully funded CDFI Fund.”

Through its action alert, CUNA is urging CDFI credit unions to:

  • Write a letter to their member of Congress highlighting the adverse impact terminating these funds will have on members;
  • Have employees send an email to their member of Congress through CUNA’s Grassroots Action Center;
  • Reach out to their members on this issue, asking them to contact their legislators.

As of January 31, credit unions make up 287 of the 1,075 certified CDFIs nationwide, according to the CDFI Fund.

CUNA also wrote to House and Senate appropriations leaders Thursday, urging full funding going for the CDFI Fund, and the NJCUL has submitted a meeting request to Rep. Rodney Frelinghuysen (R-11) who chairs the appropriations committee in House. 

 

in Legislative & Political News