FOR IMMEDIATE RELEASE
CONTACT: Lauren Williams – CUNA Communications; (202) 626-7642; email@example.com
Washington, DC (June 7, 2018) – The House is expected to consider a bill that would make rescissions from a part of the Treasury's Community Development Financial Institutions (CDFI) Fund. Credit Union National Association (CUNA) sent a letter to House leadership opposing the bill as it would retract $141 million from the CDFI Fund's Capital Magnet Fund, which awards grants available to community financial institutions.
“CDFI credit unions apply for and use awarded grants from the Capital Magnet Fund to finance affordable housing solutions and community revitalization efforts that benefit low-income individuals and communities nationwide,” wrote CUNA President/CEO Jim Nussle. “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.”
The letter admonishes Congress that CDFI Funds have been protected from proposed cuts and elimination. CUNA successfully fought for $250 million CDFI funding ($2 million higher than the previous year) in the fiscal year 2018 omnibus appropriations bill after early versions zeroed out the fund.
As of April 30, credit unions make up 283 of the 1,079 certified CDFIs around the country.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 110 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org.