Senate Votes Down CUNA-Opposed Rescissions Bill

CUNA wrote to Senate leadership Wednesday in opposition to a bill that would rescind $141 million from the Treasury’s Community Development Financial Institutions (CDFI) Fund. The Senate voted down the legislation Wednesday afternoon by a 48 to 50 vote. 

The $141 million would come from the CDFI Fund’s Capital Magnet Fund (CMF), which awards grants to finance affordable housing solutions and community revitalization efforts to benefit low-income individuals and communities.

“CUNA opposes this rescission from funds that have already been authorized, particularly funds that credit unions are able to leverage for much-needed affordable housing solutions in the communities they serve,” wrote CUNA President/CEO Jim Nussle. “Congress has repeatedly protected the CDFI Fund from proposed cuts and elimination. As you know, the fiscal year 2018 omnibus appropriations legislation passed by Congress in March funded the CDFI program at $250 million, a $2 million increase from the previous fiscal year. Fully funding the CMF and the CDFI Fund is an important investment by the federal government.”

CUNA and the state leagues fought to secure the $250 million for the CDFI Fund in the FY2018 appropriations legislation.

Currently, credit unions represent 283 of the 1,079 certified CDFIs nationwide. Three New Jersey credit unions are certified as CDFIs: 1st Bergen FCU; New Community FCU; and North Jersey FCU. 

in Legislative & Political News