Seventy-one members of Congress wrote to House appropriations leaders this week requesting the Treasury’s Community Development Financial Institution (CDFI) Fund receive its full $250 million in fiscal year 2017. CUNA sent its own letters to House and Senate appropriators this week, calling for full funding for the remainder of fiscal year 2017 and through fiscal year 2018.
CDFIs certified by the Treasury serve low-income areas and are eligible for grants and other awards from the CDFI Fund. As of Jan. 31, credit unions make up 287 of the 1,075 certified CDFIs nationwide.
“Access to affordable credit is a pressing issue in many underserved rural, urban and Native communities,” the letter reads. “It is critical that we continue to make the necessary investments in these struggling communities to get people back to work, to empower local communities to develop their economies and to provide financial services to consumers without access to affordable credit.”
The letter was sent to the chair and ranking member of the House Appropriations Committee and the House Appropriations subcommittee on financial services and general government.
In addition to the 71 members of Congress, Rep. Hal Rogers (R-Ky.) sent a letter to the FSGG subcommittee also requesting full CDFI funding. Rogers is a former chair of the House Appropriations Committee.
In addition to its letters, CUNA issued an action alert Thursday to CDFI credit unions, urging them to reach out to policymakers and credit union members about the importance of CDFI funding.