CUNA wrote to House and Senate appropriators Tuesday to push for full funding of the Treasury’s Community Development Financial Institutions (CDFI) Fund, at $248 million for fiscal year 2018. The administration’s budget submission to Congress zeroes out the CDFI Fund.
“The CDFI Fund is being used to grow local economies and serve the most economically distressed communities in the nation,” wrote CUNA President/CEO Jim Nussle. “Fully funding the CDFI Fund at $248 million is a good investment by the federal government. Good paying jobs lead to more tax revenue and less dependence on the federal social safety net.”
Certified CDFIs can apply for grants and other awards through the Treasury’s CDFI Fund. As of March 31, credit unions make up 297 of 1,094 certified CDFIs nationwide.
In the letter, Nussle highlighted 2 examples of CDFIs leveraging the funds to make major impacts on their communities.
The CDFI Fund was originally zeroed out for the remainder of fiscal year 2017, but through CUNA, league and credit union advocacy efforts, it was restored.