The Senate Appropriations financial services and general government subcommittee passed its fiscal year 2020 bill Tuesday, a bill that funds the Treasury’s Community Development Financial Institutions (CDFI) Fund at $251 million, a $1 million raise from this fiscal year.
The fund makes capital grants, equity investments and awards for technical assistance to certified CDFIs. As of June 14, credit unions make up 274 of 1,061 certified CDFIs nationwide.
The full Senate Appropriations Committee is expected to mark up the bill starting Thursday.
CUNA strongly supports the CDFI Fund. The House-passed FSGG bill funds it at $300 million for fiscal year 2020.