As a strong supporter of programs that help credit unions better serve their members, CUNA pledged to support funding for the U.S. Treasury’s Community Development Institutions (CDFI) Fund, funding for which was eliminated in President Donald Trump’s budget proposal released this week.
"The president's budget represents the administration's wish list as Congress enters the appropriations process,” said CUNA Chief Advocacy Officer Ryan Donovan. “Ultimately, Congress will make decisions about funding programs and agencies, and in that process we will encourage Congress, as we have for years, to fully fund the CDFI program and other key credit union priorities."
Credit unions and other financial institutions can be certified CDFIs by the U.S. Treasury if they meet certain requirements, including serving low-income areas. Certified CDFIs are eligible for grants and other awards from the Treasury’s CDFI Fund.
As of Jan. 31, credit unions make up 287 of the 1,075 certified CDFIs nationwide, according to the CDFI Fund.